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2025-10-29 2025-10-29 0001771146 trex:S000096446Member oef:RiskLoseMoneyMember 2025-10-29 2025-10-29 0001771146 trex:S000096443Member oef:RiskLoseMoneyMember 2025-10-29 2025-10-29 0001771146 trex:S000096438Member oef:RiskLoseMoneyMember 2025-10-29 2025-10-29 iso4217:USD shares iso4217:USD shares pure false 485BPOS 0001771146 2025-10-29 N-1A ETF OPPORTUNITIES TRUST 2025-10-29 FUND SUMMARY – T-REX 2X LONG STUB DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of STUB. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zRigZqjNcvUd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zryYf7cqEHC"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_ziKzHarBkIj" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_980_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096445Member_zQ18yrQXoIkb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_986_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265280Member_fKDEp_zb50INZqSGXb" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td id="xdx_98A_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265280Member_zxTfTsOGFen4" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_98B_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265280Member_fKDIp_zb869VIbUra9" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_98B_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265280Member_fKDMp_z0B1Ux8j0eNg" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <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">(1) </td><td id="xdx_F1D_zG8OeEKaIaQ6" style="text-align: justify; padding-right: 17.3pt">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.</td></tr></table> <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">(2) </td><td id="xdx_F15_zUqz7f5XRMT" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <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">(3) </td><td id="xdx_F14_zJ5zfvozqeYa" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7G1CpXxw54c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zNoEem6ZUiwi" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zdrSGeRTgIvc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zojri4Cv8C88" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_419_20251029__20251029__oef--ClassAxis__custom--C000265280Member_zWtzOa5VFRed" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long STUB Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 STUB on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on STUB or by investing directly in the common stock of STUB. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in STUB 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 STUB 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. 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 STUB 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.e., 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.e., 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 (STUB) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain STUB 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 STUB is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which STUB is assigned). As of the date of this prospectus, STUB is assigned to the consumer discretionary sector and the internet & direct marketing retail industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of STUB. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to STUB is consistent with the Fund’s investment objective. The impact of STUB’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of STUB 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 STUB 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. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The 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. StubHub Holdings Inc. is an online marketplace where people can buy and sell tickets to live events like sports games, concerts, and theater performances. STUB 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 StubHub Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42846 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding StubHub Holdings 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, STUB is assigned to the consumer discretionary sector and the internet & direct marketing retail industry. The Fund has derived all disclosures contained in this document regarding StubHub Holdings Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding StubHub Holdings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of STUB have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning StubHub Holdings Inc. could affect the value of the Fund’s investments with respect to STUB and therefore the value of the Fund. 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. 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. 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 STUB 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_zI49BuqtOOPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 STUB’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 STUB during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how STUB 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) STUB volatility; b) STUB 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 STUB. 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 STUB volatility and STUB performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to STUB; (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 STUB. During periods of higher STUB volatility, the volatility of STUB may affect the Fund’s return as much as, or more than, the return of STUB. 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 STUB during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if STUB provided no return over a one-year period during which STUB 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 STUB’s return is flat. For instance, if STUB’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of STUB 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 STUB. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> 200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> STUB is newly launched and began trading in calendar year 2025. As of the date of this prospectus, STUB 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 STUB’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 STUB’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently STUB’s high stock price since inception on September 17, 2025 was $27.89 on September 17, 2025, and its low stock price since inception on September 17, 2025 was $16.11 on October 3, 2025. STUB’s high and low stock price since its inception on September 17, 2025 may change significantly over a short period of time. 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.” Leverage Risk. 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 STUB 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 STUB, 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 STUB 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 STUB does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with STUB and may increase the volatility of the Fund. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Call Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of 200% of the daily performance of STUB, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 STUB 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. Intra-Day Investment Risk. 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 STUB at the market close on the first trading day and the value of STUB at the time of purchase. If STUB gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if STUB 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 STUB. 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. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to STUB and therefore achieve its daily leveraged investment objective. The Fund’s exposure to STUB is impacted by STUB’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to STUB at the end of each day. The possibility of the Fund being materially over- or under-exposed to STUB increases on days when STUB 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. 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) STUB. 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 STUB. 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 STUB. 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 STUB. Any of these factors could decrease the correlation between the performance of the Fund and STUB and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. StubHub Holdings 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 StubHub Holdings Inc. and make no representation as to the performance of STUB. Investing in the Fund is not equivalent to investing in STUB. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to STUB. Underlying Security Investing Risk. 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. STUB Investing Risk. 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, STUB 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 STUB common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of STUB’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. STUB is a highly dynamic company, and its operations, including its products and services, may change. Consumer Discretionary Sector Risk. The Fund’s assets will be concentrated in the consumer discretionary sector, which means the Fund will be more affected by the performance of the consumer discretionary sector than a fund that is more diversified. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on the irrespective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. Industry Concentration Risk. The Fund will be concentrated in the industry to which StubHub Holdings Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which StubHub Holdings 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, STUB is assigned to the consumer discretionary sector and the internet & direct marketing retail industry. ●Internet & Direct Marketing Retail Risk. 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. Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. 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 STUB. 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 STUB value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the STUB. Under such circumstances, the market for STUB 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 STUB and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for STUB 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 STUB and correlated derivative instruments. Early Close/Trading Halt Risk. 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 STUB and may incur substantial losses. If there is a significant intra-day market event and/or STUB 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 the Exchange and incur significant losses. Equity Securities Risk. 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 STUB does not provide leveraged exposure to STUB and, as a result, if the Fund invests directly in common stock of STUB to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. 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. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zcFAt9il46gd"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z7qQvhK5d2A7"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zcGvDEHabRxj"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zFIMLHcIRAsd"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z9KBlZpdlcV7"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 MP DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of MP. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zIXG4M6eedai"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zSwsRv7qKvS1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zu4AleTbTeAd" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_98A_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096442Member_ziePFNDGMrhl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_984_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265277Member_fKDEp_zmgRSZ7nZsli" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td id="xdx_989_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265277Member_zAyuih8qE525" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265277Member_fKDIp_z65dXFruVRM2" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_983_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265277Member_fKDMp_zA3bAgwZX67h" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <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">(1) </td><td id="xdx_F1B_zMsF4XteZv9d" style="text-align: justify; padding-right: 17.3pt">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.</td></tr></table> <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">(2) </td><td id="xdx_F1C_zD5ClVtL2RMe" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <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">(3) </td><td id="xdx_F17_zu3GywOjbTza" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8Mpmd0VxA8f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zWYGR566K2T1" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_480_eoef--ExpenseExampleYear01_zG9futSd3Wwj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zFNzYhxkP2cc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_410_20251029__20251029__oef--ClassAxis__custom--C000265277Member_zg8kyDopCGqd" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long MP Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 MP on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on MP or by investing directly in the common stock of MP. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in MP 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 MP 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. 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 MP 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.e., 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.e., 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 (MP) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain MP 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 MP is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which MP is assigned). As of the date of this prospectus, MP is assigned to the basic materials sector and industrial metals and mining industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of MP. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to MP is consistent with the Fund’s investment objective. The impact of MP’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of MP 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 MP 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. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The 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. MP Materials Corp., together with its subsidiaries, produces rare earth materials in the Western Hemisphere. MP 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 MP Materials Corp. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39277 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MP Materials 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, MP is assigned to the basic materials sector and industrial metals and mining industry. The Fund has derived all disclosures contained in this document regarding MP Materials 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 MP Materials 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 MP have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning MP Materials Corp. could affect the value of the Fund’s investments with respect to MP and therefore the value of the Fund. 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. 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. 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 MP 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z3uX5pDGl87a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 MP’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 MP during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how MP 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) MP volatility; b) MP 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 MP. 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 MP volatility and MP performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to MP; (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 MP. During periods of higher MP volatility, the volatility of MP may affect the Fund’s return as much as, or more than, the return of MP. 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 MP during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if MP provided no return over a one-year period during which MP 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 MP’s return is flat. For instance, if MP’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of MP 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 MP. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> 200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> MP’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 65.97%. MP’s annualized daily volatility rates were as follows: 2020 78.54% 2021 77.37% 2022 68.48% 2023 49.73% 2024 56.68% Volatility for a shorter period of time may have been substantially higher. MP’s annualized performance for the five-year period ended December 31, 2024 was 10.32%. Historical volatility and performance are not indications of what MP volatility and performance will be in the future. MP’s stock price may be more volatile, and may fluctuate more than the market. By way of example, currently, the 52-week high stock price for MP is $100.25 on October 14, 2025 and the 52-week low stock price for MP is $15.56, which occurred on December 31, 2024. MP’s 52-week high and low stock price may change significantly over a short period of time. 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.” 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.” Leverage Risk. 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 MP 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 MP, 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 MP 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 MP does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with MP and may increase the volatility of the Fund. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Call Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of 200% of the daily performance of MP, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 MP 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. Intra-Day Investment Risk. 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 MP at the market close on the first trading day and the value of MP at the time of purchase. If MP gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if MP 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 MP. 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. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to MP and therefore achieve its daily leveraged investment objective. The Fund’s exposure to MP is impacted by MP’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to MP at the end of each day. The possibility of the Fund being materially over- or under-exposed to MP increases on days when MP 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. 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) MP. 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 MP. 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 MP. 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 MP. Any of these factors could decrease the correlation between the performance of the Fund and MP and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. MP Materials 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 MP Materials Corp. and make no representation as to the performance of MP. Investing in the Fund is not equivalent to investing in MP. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to MP. Underlying Security Investing Risk. 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. MP Investing Risk. 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, MP 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 MP common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of MP’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. MP is a highly dynamic company, and its operations, including its products and services, may change. Materials Sector Risk. The materials sector includes companies from the following industries: chemicals; metals & mining; paper & forest products; containers & packaging; and construction materials. Many companies in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liability for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations. Industry Concentration Risk. The Fund will be concentrated in the industry to which MP Materials Corp. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which MP Materials 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, MP is assigned to the basic materials sector and industrial metals and mining industry. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialMetalsAndMiningRiskMember_zHQ42us0HS32"></div> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Industrial Metals and Mining Risk. Companies in the industrial metals and mining industry may be significantly affected by fluctuations in the supply of, and demand for, various metals and minerals, which can be influenced by global economic conditions, industrial production levels, trade policies, and technological changes. Prices of industrial metals and mined materials can be volatile and may decline due to overproduction, substitution by alternative materials, or reduced demand from key industries such as construction, manufacturing, and automotive. The industry is also subject to operational risks, including those related to exploration, development, labor disputes, environmental liabilities, geopolitical instability in resource-rich regions, and changes in government regulations or taxation. Adverse developments in these areas could negatively impact the value of the Fund’s investments in this sector.</td> </tr></table> Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Large-Capitalization Company Risk. 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. Liquidity Risk. 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 MP. 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 MP value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the MP. Under such circumstances, the market for MP 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 MP and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for MP 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 MP and correlated derivative instruments. Early Close/Trading Halt Risk. 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 MP and may incur substantial losses. If there is a significant intra-day market event and/or MP 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 the Exchange and incur significant losses. Equity Securities Risk. 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 MP does not provide leveraged exposure to MP and, as a result, if the Fund invests directly in common stock of MP to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. 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. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zsGDSUePniN8"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zJVL3NrIu44b"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zma3VOR8TNXe"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zcpbT3ufBJmh"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z8Y2GE6QRg8d"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 SRPT DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of SRPT. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zfyPeukv4SEk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_znS3N0WsF0zl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_znwHeJpOD1j9" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_98C_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096444Member_z7LYJSZZeR63" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_98D_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265279Member_fKDEp_zpAmoo6jGgzk" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td id="xdx_98D_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265279Member_z2V3bS4lfL96" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_98A_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265279Member_fKDIp_z2J2moPmaR46" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_984_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265279Member_fKDMp_zc0Tojx2Dkk3" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <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">(1) </td><td id="xdx_F13_z8yANlc8Jwx6" style="text-align: justify; padding-right: 17.3pt">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.</td></tr></table> <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">(2) </td><td id="xdx_F10_zTiINVcQV17j" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <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">(3) </td><td id="xdx_F1B_zomObJrUc8x8" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3ZHt351CiM1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zZCYjQ9qxbW8" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_480_eoef--ExpenseExampleYear01_zJOagpz3Kmx2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zor7kDDzZNP6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_41D_20251029__20251029__oef--ClassAxis__custom--C000265279Member_z7YnWPZfDmf7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long SRPT Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 SRPT on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on SRPT or by investing directly in the common stock of SRPT. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in SRPT 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 SRPT 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. 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 SRPT 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.e., 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.e., 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 (SRPT) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain SRPT 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 SRPT is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which SRPT is assigned). As of the date of this prospectus, SRPT is assigned to the healthcare sector and biotechnology industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of SRPT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to SRPT is consistent with the Fund’s investment objective. The impact of SRPT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SRPT 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 SRPT 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. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The 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. Sarepta Therapeutics, Inc., a commercial-stage biopharmaceutical company, focuses on the discovery and development of RNA-targeted therapeutics, gene therapies, and other genetic therapeutic modalities for the treatment of rare diseases. SRPT 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 SRPT Materials Corp. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-14895 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Sarepta Therapeutics, 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, SRPT is assigned to the healthcare sector and biotechnology industry. The Fund has derived all disclosures contained in this document regarding Sarepta Therapeutics, 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 Sarepta Therapeutics, 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 SRPT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Sarepta Therapeutics, Inc. could affect the value of the Fund’s investments with respect to SRPT and therefore the value of the Fund. 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. 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. 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 SRPT 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_zHlUOSMCQosk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 SRPT’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 SRPT during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how SRPT 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) SRPT volatility; b) SRPT 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 SRPT. 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 SRPT volatility and SRPT performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to SRPT; (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 SRPT. During periods of higher SRPT volatility, the volatility of SRPT may affect the Fund’s return as much as, or more than, the return of SRPT. 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 SRPT during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if SRPT provided no return over a one-year period during which SRPT 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 SRPT’s return is flat. For instance, if SRPT’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of SRPT 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 SRPT. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> 200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> SRPT’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 57.55%. SRPT’s annualized daily volatility rates were as follows: 2020 50.65% 2021 69.10% 2022 45.25% 2023 68.04% 2024 50.90% Volatility for a shorter period of time may have been substantially higher. SRPT’s annualized performance for the five-year period ended December 31, 2024 was -1.18%. Historical volatility and performance are not indications of what QUBT volatility and performance will be in the future. SRPT’s stock price may be more volatile, and may fluctuate more than the market. By way of example, currently, the 52-week high stock price for SRPT is $138.81 on November 29, 2024 and the 52-week low stock price for SRPT is $10.42, which occurred on July 24, 2025. SRPT’s 52-week high and low stock price may change significantly over a short period of time. 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.” 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.” Leverage Risk. 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 SRPT 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 SRPT, 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 SRPT 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 SRPT does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SRPT and may increase the volatility of the Fund. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Call Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of 200% of the daily performance of SRPT, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 SRPT 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. Intra-Day Investment Risk. 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 SRPT at the market close on the first trading day and the value of SRPT at the time of purchase. If SRPT gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if SRPT 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 SRPT. 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. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to SRPT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SRPT is impacted by SRPT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SRPT at the end of each day. The possibility of the Fund being materially over- or under-exposed to SRPT increases on days when SRPT 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. 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) SRPT. 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 SRPT. 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 SRPT. 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 SRPT. Any of these factors could decrease the correlation between the performance of the Fund and SRPT and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. Sarepta Therapeutics, 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 Sarepta Therapeutics, Inc. and make no representation as to the performance of SRPT. Investing in the Fund is not equivalent to investing in SRPT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to SRPT. Underlying Security Investing Risk. 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. SRPT Investing Risk. 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, SRPT 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 SRPT common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of SRPT’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. SRPT is a highly dynamic company, and its operations, including its products and services, may change. Healthcare Sector Risk. 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. Industry Concentration Risk. The Fund will be concentrated in the industry to which Sarepta Therapeutics, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Sarepta Therapeutics, 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, SRPT is assigned to the healthcare sector and biotechnology industry <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiotechnologyIndustryRiskMember_zNUlYCbXnHta"></div> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Biotechnology Industry Risk. Biotechnology companies are subject to various risks, including the loss or impairment of patents or intellectual property rights and significant costs associated with developing, procuring and/or marketing of new drugs, products or technologies. Biotechnology companies may also experience difficulties obtaining financing and government approvals, sudden and dramatic changes in their stock price, and adverse effects resulting from government regulation. A biotechnology company’s valuation can also be greatly affected if one of its products proves unsafe, ineffective or unprofitable.</td> </tr></table> Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. 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 SRPT. 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 SRPT value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the SRPT. Under such circumstances, the market for SRPT 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 SRPT and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for SRPT 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 SRPT and correlated derivative instruments. Early Close/Trading Halt Risk. 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 SRPT and may incur substantial losses. If there is a significant intra-day market event and/or SRPT 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 the Exchange and incur significant losses. Equity Securities Risk. 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 SRPT does not provide leveraged exposure to SRPT and, as a result, if the Fund invests directly in common stock of SRPT to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. 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. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_z4jm1DkzxjG"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zpit6LbcvWZi"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zPphr5uKe4Ge"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z7Te5CmISsZ9"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zwbo0OCKunjk"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 CIFR DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of CIFR. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z180zPERlNr"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zxWT0anpxHXi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zB0rGHVNwznd" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_98E_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096441Member_zLVGJQCgHfNg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_982_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265276Member_fKDEp_znwMFr2MZyLd" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265276Member_zl4ohKW7ymrb" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265276Member_fKDIp_zLiCcduedqwj" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_980_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265276Member_fKDMp_zGvEBWmoe5Mi" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <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">(1) </td><td id="xdx_F15_zmE9X5RLLbUh" style="text-align: justify; padding-right: 17.3pt">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.</td></tr></table> <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">(2) </td><td id="xdx_F13_zPbF7exCXhp7" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <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">(3) </td><td id="xdx_F15_zsNQz4NWLR18" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z74tW40LTK79"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z19UcfSK9bvi" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_48B_eoef--ExpenseExampleYear01_z6bN9npXyZj3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_z3ZOUQCe0UN6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_415_20251029__20251029__oef--ClassAxis__custom--C000265276Member_zH57YD7KBv86" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long CIFR Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 CIFR on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on CIFR or by investing directly in the common stock of CIFR. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in CIFR 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 CIFR 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. 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 CIFR 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.e., 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.e., 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 (CIFR) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain CIFR 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 CIFR is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which CIFR is assigned). As of the date of this prospectus, CIFR is assigned to the financial services sector and capital markets industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of CIFR. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to CIFR is consistent with the Fund’s investment objective. The impact of CIFR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of CIFR 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 CIFR 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. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The 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. Cipher Mining Inc. is a publicly traded company that operates industrial-scale data centers for Bitcoin mining and high-performance computing (HPC) hosting. CIFR 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 CIFR Materials Corp. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39625 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Cipher Mining 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, CIFR is assigned to the financial services sector and capital markets industry. The Fund has derived all disclosures contained in this document regarding Cipher Mining 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 Cipher Mining 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 CIFR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Cipher Mining Inc. could affect the value of the Fund’s investments with respect to CIFR and therefore the value of the Fund. 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. 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. 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 CIFR 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_ztvrdlfugjn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 CIFR’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 CIFR during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how CIFR 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) CIFR volatility; b) CIFR 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 CIFR. 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 CIFR volatility and CIFR performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to CIFR; (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 CIFR. During periods of higher CIFR volatility, the volatility of CIFR may affect the Fund’s return as much as, or more than, the return of CIFR. 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 CIFR during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if CIFR provided no return over a one-year period during which CIFR 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 CIFR’s return is flat. For instance, if CIFR’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of CIFR 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 CIFR. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> 200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> CIFR’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 115.12%. CIFR’s annualized daily volatility rates were as follows: 2020 3.95% 2021 72.07% 2022 127.90% 2023 134.91% 2024 118.21% Volatility for a shorter period of time may have been substantially higher. CIFR’s annualized performance for the five-year period ended December 31, 2024 was -16.79%. Historical volatility and performance are not indications of what QUBT volatility and performance will be in the future. CIFR’s stock price may be more volatile, and may fluctuate more than the market. By way of example, currently, the 52-week high stock price for CIFR is $22.00 on October 15, 2025 and the 52-week low stock price for CIFR is $1.86, which occurred on April 7, 2025. CIFR’s 52-week high and low stock price may change significantly over a short period of time. 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.” 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.” Leverage Risk. 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 CIFR 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 CIFR, 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 CIFR 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 CIFR does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with CIFR and may increase the volatility of the Fund. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Call Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of 200% of the daily performance of CIFR, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 CIFR 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. Intra-Day Investment Risk. 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 CIFR at the market close on the first trading day and the value of CIFR at the time of purchase. If CIFR gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if CIFR 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 CIFR. 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. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to CIFR and therefore achieve its daily leveraged investment objective. The Fund’s exposure to CIFR is impacted by CIFR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to CIFR at the end of each day. The possibility of the Fund being materially over- or under-exposed to CIFR increases on days when CIFR 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. 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) CIFR. 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 CIFR. 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 CIFR. 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 CIFR. Any of these factors could decrease the correlation between the performance of the Fund and CIFR and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. Cipher Mining 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 Cipher Mining Inc. and make no representation as to the performance of CIFR. Investing in the Fund is not equivalent to investing in CIFR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to CIFR. Underlying Security Investing Risk. 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. CIFR Investing Risk. 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, CIFR 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 CIFR common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of CIFR’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. CIFR is a highly dynamic company, and its operations, including its products and services, may change. Financials Sector Risk. 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. Industry Concentration Risk. The Fund will be concentrated in the industry to which Cipher Mining Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Cipher Mining 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, CIFR is assigned to the financial services sector and capital markets industry. <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapitalMarketsRiskMember_zMKCPydll3Kb"></div> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Capital Markets Risk. The capital markets industry includes companies that facilitate the issuance, buying, and selling of financial securities and other investments, such as broker-dealers, investment banks, asset managers, securities exchanges, and financial data providers. These companies may be adversely affected by market volatility, reduced trading activity, changes in interest rates, or a decline in the value of assets under management. Their profitability can be sensitive to economic and market conditions, regulatory changes, competition, and technological disruption. In addition, capital markets companies are subject to operational risks, including settlement failures, cybersecurity incidents, and compliance costs. Adverse developments in the capital markets sector could negatively impact the value of the Fund’s investments in such companies.</td> </tr></table> Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. 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 CIFR. 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 CIFR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the CIFR. Under such circumstances, the market for CIFR 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 CIFR and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for CIFR 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 CIFR and correlated derivative instruments. Early Close/Trading Halt Risk. 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 CIFR and may incur substantial losses. If there is a significant intra-day market event and/or CIFR 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 the Exchange and incur significant losses. Equity Securities Risk. 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 CIFR does not provide leveraged exposure to CIFR and, as a result, if the Fund invests directly in common stock of CIFR to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. 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. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zftVBUjYDBl7"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zU7XRhf0woXj"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zWdAXblcsAGc"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_ziTRvEMHhGf7"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zncRAG0DuAo1"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 ASTS DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ASTS. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zPCnARD04p62"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zJErD0kuJ1C4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z29LVjnA1LK" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_98F_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096439Member_z3KmM0hJWONl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_982_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265274Member_fKDEp_zxzcbdvQjzMb" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265274Member_zDn1XgqQ8d3d" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_98F_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265274Member_fKDIp_zaiE9lFZDVdi" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_987_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265274Member_fKDMp_z9x5pdXV7eBb" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <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">(1) </td><td id="xdx_F14_zMt4Jq43RYX" style="text-align: justify; padding-right: 17.3pt">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.</td></tr></table> <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">(2) </td><td id="xdx_F18_zWAceO2eyT5d" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <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">(3) </td><td id="xdx_F15_zybkZidbwn33" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCXOMaeAJoH8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zcNNf3KuSdYe" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_484_eoef--ExpenseExampleYear01_zTBDktfysTy7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zXVUFaSkUwy7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_414_20251029__20251029__oef--ClassAxis__custom--C000265274Member_zAcwso8ao6le" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long ASTS Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 ASTS on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on ASTS or by investing directly in the common stock of ASTS. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in ASTS 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 ASTS 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. 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 ASTS 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.e., 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.e., 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 (ASTS) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain ASTS 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 ASTS is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which ASTS is assigned). As of the date of this prospectus, ASTS is assigned to the technology sector and communication equipment industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ASTS. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ASTS is consistent with the Fund’s investment objective. The impact of ASTS’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ASTS 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 ASTS 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. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The 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. AST SpaceMobile, Inc. is a publicly traded satellite designer and manufacturer. ASTS 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 AST SpaceMobile, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39040 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding AST SpaceMobile, 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, ASTS is assigned to the technology sector and communication equipment industry. The Fund has derived all disclosures contained in this document regarding AST SpaceMobile, 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 AST SpaceMobile, 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 ASTS have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning AST SpaceMobile, Inc. could affect the value of the Fund’s investments with respect to ASTS and therefore the value of the Fund. 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. 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. 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 ASTS 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z363bFdHCya6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 ASTS’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 ASTS during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how ASTS 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) ASTS volatility; b) ASTS 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 ASTS. 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 ASTS volatility and ASTS performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to ASTS; (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 ASTS. During periods of higher ASTS volatility, the volatility of ASTS may affect the Fund’s return as much as, or more than, the return of ASTS. 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 ASTS during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if ASTS provided no return over a one-year period during which ASTS 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 ASTS’s return is flat. For instance, if ASTS’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of ASTS 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 ASTS. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> 200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> ASTS’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 103.07%. ASTS’s annualized daily volatility rates were as follows: 2020 21.96% 2021 100.11% 2022 100.27% 2023 83.71% 2024 153.52% Volatility for a shorter period of time may have been substantially higher. ASTS’s annualized performance for the five-year period ended December 31, 2024 was 16.39%. Historical volatility and performance are not indications of what QUBT volatility and performance will be in the future. ASTS’s stock price may be more volatile, and may fluctuate more than the market. By way of example, currently, the 52-week high stock price for ASTS is $102.79 on October 16, 2025 and the 52-week low stock price for ASTS is $17.50, which occurred on January 29, 2025. ASTS’s 52-week high and low stock price may change significantly over a short period of time. 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.” 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.” Leverage Risk. 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 ASTS 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 ASTS, 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 ASTS 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 ASTS does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with ASTS and may increase the volatility of the Fund. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Call Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of 200% of the daily performance of ASTS, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 ASTS 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. Intra-Day Investment Risk. 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 ASTS at the market close on the first trading day and the value of ASTS at the time of purchase. If ASTS gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if ASTS 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 ASTS. 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. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to ASTS and therefore achieve its daily leveraged investment objective. The Fund’s exposure to ASTS is impacted by ASTS’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ASTS at the end of each day. The possibility of the Fund being materially over- or under-exposed to ASTS increases on days when ASTS 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. 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) ASTS. 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 ASTS. 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 ASTS. 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 ASTS. Any of these factors could decrease the correlation between the performance of the Fund and ASTS and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. AST SpaceMobile, 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 AST SpaceMobile, Inc. and make no representation as to the performance of ASTS. Investing in the Fund is not equivalent to investing in ASTS. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to ASTS. Underlying Security Investing Risk. 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. ASTS Investing Risk. 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, ASTS 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 ASTS common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of ASTS’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. ASTS is a highly dynamic company, and its operations, including its products and services, may change. Technology Sector Risk. 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. Industry Concentration Risk. The Fund will be concentrated in the industry to which AST SpaceMobile, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which AST SpaceMobile, 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, ASTS is assigned to the technology sector and communication equipment industry. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationEquipmentRiskMember_z1dMvl7RW21l"></div> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Communication Equipment Risk. The communication equipment industry includes companies that design, manufacture, and sell products such as networking hardware, fiber-optic systems, wireless communication devices, routers, switches, and other transmission equipment. These companies may be significantly affected by rapid technological changes, short product life cycles, and intense competition, which can lead to pricing pressure and reduced profit margins. Demand for communication equipment can fluctuate based on capital spending cycles of telecommunications providers, government agencies, and enterprises, as well as the pace of deployment of new communication technologies such as 5G networks. The industry is also subject to risks from supply chain disruptions, component shortages, geopolitical tensions, trade restrictions, and changes in international standards. Adverse developments in the communication equipment sector could negatively impact the value of the Fund’s investments in such companies.</td> </tr></table> Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Large-Capitalization Company Risk. 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. Liquidity Risk. 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 ASTS. 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 ASTS value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the ASTS. Under such circumstances, the market for ASTS 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 ASTS and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for ASTS 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 ASTS and correlated derivative instruments. Early Close/Trading Halt Risk. 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 ASTS and may incur substantial losses. If there is a significant intra-day market event and/or ASTS 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 the Exchange and incur significant losses. Equity Securities Risk. 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 ASTS does not provide leveraged exposure to ASTS and, as a result, if the Fund invests directly in common stock of ASTS to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. 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. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zmUtxYQHogL8"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zM50h5BxrBjd"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zsXgiengRztf"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zsyZnXV6URo8"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zvp0OKNcFUdj"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 BTBT DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of BTBT. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A89_eoef--ExpenseNarrativeTextBlock_z96JsbMSIoT"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zgoYBV2RMF5l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zVDLAC9YFHub" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_988_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096440Member_zepGfFcIRAgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_988_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265275Member_fKDEp_z6UYz6ruBAGi" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td id="xdx_986_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265275Member_zPL2SOHqALr4" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265275Member_fKDIp_zvyjIJDj3UB9" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_98F_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265275Member_fKDMp_zmFGwnGa8sKf" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <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">(1) </td><td id="xdx_F13_zXg0Lx28o60e" style="text-align: justify; padding-right: 17.3pt">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.</td></tr></table> <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">(2) </td><td id="xdx_F1C_z0fOkfz4LVdd" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <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">(3) </td><td id="xdx_F10_z7UyfbiqBLc9" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_ziKfcgfEfaFa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zhDQmvnM2gjk" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_48F_eoef--ExpenseExampleYear01_z8j24tCz4i28" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_z8g83evS6rs2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_41B_20251029__20251029__oef--ClassAxis__custom--C000265275Member_zr0eWCDugELg" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long BTBT Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 BTBT on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on BTBT or by investing directly in the common stock of BTBT. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in BTBT 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 BTBT 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. 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 BTBT 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.e., 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.e., 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 (BTBT) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain BTBT 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 BTBT is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which BTBT is assigned). As of the date of this prospectus, BTBT is assigned to the financial services sector and capital markets industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of BTBT. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to BTBT is consistent with the Fund’s investment objective. The impact of BTBT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of BTBT 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 BTBT 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. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The 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. Bit Digital, Inc. is publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. BTBT 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 Bit Digital, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38421 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Bit Digital, 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, BTBT is assigned to the financial services sector and capital markets industry. The Fund has derived all disclosures contained in this document regarding Bit Digital, 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 Bit Digital, 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 BTBT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Bit Digital, Inc. could affect the value of the Fund’s investments with respect to BTBT and therefore the value of the Fund. 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. 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. 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 BTBT 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_z8qHG56Hs4u5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 BTBT’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 BTBT during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how BTBT 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) BTBT volatility; b) BTBT 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 BTBT. 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 BTBT volatility and BTBT performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to BTBT; (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 BTBT. During periods of higher BTBT volatility, the volatility of BTBT may affect the Fund’s return as much as, or more than, the return of BTBT. 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 BTBT during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if BTBT provided no return over a one-year period during which BTBT 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 BTBT’s return is flat. For instance, if BTBT’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of BTBT 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 BTBT. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> 200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> BTBT’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 147.59%. BTBT’s annualized daily volatility rates were as follows: 2020 212.22% 2021 185.57% 2022 97.10% 2023 105.51% 2024 112.63% Volatility for a shorter period of time may have been substantially higher. BTBT’s annualized performance for the five-year period ended December 31, 2024 was 58.02%. Historical volatility and performance are not indications of what QUBT volatility and performance will be in the future. BTBT’s stock price may be more volatile, and may fluctuate more than the market. By way of example, currently, the 52-week high stock price for BTBT is $5.74 on November 12, 2024 and the 52-week low stock price for BTBT is $1.69, which occurred on April 10, 2025. BTBT’s 52-week high and low stock price may change significantly over a short period of time. 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.” 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.” Leverage Risk. 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 BTBT 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 BTBT, 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 BTBT 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 BTBT does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with BTBT and may increase the volatility of the Fund. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Call Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of 200% of the daily performance of BTBT, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 BTBT 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. Intra-Day Investment Risk. 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 BTBT at the market close on the first trading day and the value of BTBT at the time of purchase. If BTBT gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if BTBT 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 BTBT. 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. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to BTBT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to BTBT is impacted by BTBT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to BTBT at the end of each day. The possibility of the Fund being materially over- or under-exposed to BTBT increases on days when BTBT 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. 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) BTBT. 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 BTBT. 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 BTBT. 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 BTBT. Any of these factors could decrease the correlation between the performance of the Fund and BTBT and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. Bit Digital, 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 Bit Digital, Inc. and make no representation as to the performance of BTBT. Investing in the Fund is not equivalent to investing in BTBT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to BTBT. Underlying Security Investing Risk. 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. BTBT Investing Risk. 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, BTBT 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 BTBT common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of BTBT’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. BTBT is a highly dynamic company, and its operations, including its products and services, may change. Financials Sector Risk. 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. Industry Concentration Risk. The Fund will be concentrated in the industry to which Bit Digital, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Bit Digital, 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, BTBT is assigned to the financial services sector and capital markets industry. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapitalMarketsRiskMember_zoQje2O37Mm6"></div> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Capital Markets Risk. The capital markets industry includes companies that facilitate the issuance, buying, and selling of financial securities and other investments, such as broker-dealers, investment banks, asset managers, securities exchanges, and financial data providers. These companies may be adversely affected by market volatility, reduced trading activity, changes in interest rates, or a decline in the value of assets under management. Their profitability can be sensitive to economic and market conditions, regulatory changes, competition, and technological disruption. In addition, capital markets companies are subject to operational risks, including settlement failures, cybersecurity incidents, and compliance costs. Adverse developments in the capital markets sector could negatively impact the value of the Fund’s investments in such companies.</td> </tr></table> Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Small-Capitalization Company Risk. Small-capitalization companies generally have more limited financial and managerial resources, less diversified business operations, and smaller market shares than larger companies. As a result, they may be more vulnerable to adverse business or economic developments, and their securities may be subject to greater price fluctuations and lower trading volumes. Small-cap companies may also be less able to obtain financing on favorable terms or to withstand competitive and economic pressures, which could negatively impact their performance and returns. Liquidity Risk. 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 BTBT. 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 BTBT value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the BTBT. Under such circumstances, the market for BTBT 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 BTBT and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for BTBT 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 BTBT and correlated derivative instruments. Early Close/Trading Halt Risk. 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 BTBT and may incur substantial losses. If there is a significant intra-day market event and/or BTBT 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 the Exchange and incur significant losses. Equity Securities Risk. 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 BTBT does not provide leveraged exposure to BTBT and, as a result, if the Fund invests directly in common stock of BTBT to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. 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. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zPFJrDa3Hia5"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z7IOHsPpjxmj"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zgn4okRsfVH5"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zhce2QCMbmx5"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zFThDXwI1ved"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 WULF DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of WULF. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zxlGvoD7xMdd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zZ86RJKHJOrf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zrBBbZAqYAza" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_986_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096446Member_zaTwDzGolJa3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265281Member_fKDEp_zcPki2FUOJa2" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265281Member_z399noFwkp6k" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_984_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265281Member_fKDIp_z7Fedp4qk3ck" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_98D_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265281Member_fKDMp_z6ntMoCsjj08" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <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">(1) </td><td id="xdx_F16_zMKYR6nQ6Amb" style="text-align: justify; padding-right: 17.3pt">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.</td></tr></table> <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">(2) </td><td id="xdx_F1D_zhZ14U66mChd" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <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">(3) </td><td id="xdx_F16_zU8wfoAJiuqd" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhCQB7lrVWUa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zlaVpQVZID2a" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zrnFTUn8EXOd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zqLvMCCaxfG9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_41B_20251029__20251029__oef--ClassAxis__custom--C000265281Member_zIdUzRpc9KAe" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long WULF Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 WULF on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on WULF or by investing directly in the common stock of WULF. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in WULF 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 WULF 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. 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 WULF 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.e., 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.e., 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 (WULF) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain WULF 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 WULF is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which WULF is assigned). As of the date of this prospectus, WULF is assigned to the financial services sector and capital markets industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of WULF. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to WULF is consistent with the Fund’s investment objective. The impact of WULF’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of WULF 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 WULF 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. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The 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. TeraWulf Inc. is a leading digital asset mining and high performance compute (HPC) infrastructure company dedicated to advancing next generation data center solutions. WULF 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 TeraWulf Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41163 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding TeraWulf 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, WULF is assigned to the financial services sector and capital markets industry. The Fund has derived all disclosures contained in this document regarding TeraWulf 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 TeraWulf 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 WULF have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning TeraWulf Inc. could affect the value of the Fund’s investments with respect to WULF and therefore the value of the Fund. 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. 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. 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 WULF 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_znxCjxsWQ3Pe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 WULF’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 WULF during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how WULF 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) WULF volatility; b) WULF 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 WULF. 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 WULF volatility and WULF performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to WULF; (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 WULF. During periods of higher WULF volatility, the volatility of WULF may affect the Fund’s return as much as, or more than, the return of WULF. 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 WULF during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if WULF provided no return over a one-year period during which WULF 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 WULF’s return is flat. For instance, if WULF’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of WULF 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 WULF. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> 200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> WULF’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 125.28%. WULF’s annualized daily volatility rates were as follows: 2020 103.29% 2021 120.93% 2022 151.26% 2023 123.19% 2024 120.65% Volatility for a shorter period of time may have been substantially higher. WULF’s annualized performance for the five-year period ended December 31, 2024 was 1.13%. Historical volatility and performance are not indications of what QUBT volatility and performance will be in the future. WULF’s stock price may be more volatile, and may fluctuate more than the market. By way of example, currently, the 52-week high stock price for WULF is $16.19 on October 14, 2025 and the 52-week low stock price for WULF is $2.06, which occurred on April 9, 2025. WULF’s 52-week high and low stock price may change significantly over a short period of time. 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.” 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.” Leverage Risk. 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 WULF 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 WULF, 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 WULF 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 WULF does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with WULF and may increase the volatility of the Fund. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Call Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of 200% of the daily performance of WULF, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 WULF 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. Intra-Day Investment Risk. 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 WULF at the market close on the first trading day and the value of WULF at the time of purchase. If WULF gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if WULF 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 WULF. 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. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to WULF and therefore achieve its daily leveraged investment objective. The Fund’s exposure to WULF is impacted by WULF’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to WULF at the end of each day. The possibility of the Fund being materially over- or under-exposed to WULF increases on days when WULF 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. 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) WULF. 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 WULF. 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 WULF. 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 WULF. Any of these factors could decrease the correlation between the performance of the Fund and WULF and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. TeraWulf 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 TeraWulf Inc. and make no representation as to the performance of WULF. Investing in the Fund is not equivalent to investing in WULF. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to WULF. Underlying Security Investing Risk. 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. WULF Investing Risk. 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, WULF 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 WULF common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of WULF’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. WULF is a highly dynamic company, and its operations, including its products and services, may change. Financials Sector Risk. 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. Industry Concentration Risk. The Fund will be concentrated in the industry to which TeraWulf Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which TeraWulf 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, WULF is assigned to the financial services sector and capital markets industry. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapitalMarketsRiskMember_zvXfnHDwhDCg"></div> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Capital Markets Risk. The capital markets industry includes companies that facilitate the issuance, buying, and selling of financial securities and other investments, such as broker-dealers, investment banks, asset managers, securities exchanges, and financial data providers. These companies may be adversely affected by market volatility, reduced trading activity, changes in interest rates, or a decline in the value of assets under management. Their profitability can be sensitive to economic and market conditions, regulatory changes, competition, and technological disruption. In addition, capital markets companies are subject to operational risks, including settlement failures, cybersecurity incidents, and compliance costs. Adverse developments in the capital markets sector could negatively impact the value of the Fund’s investments in such companies.</td> </tr></table> Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. 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 WULF. 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 WULF value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the WULF. Under such circumstances, the market for WULF 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 WULF and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for WULF 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 WULF and correlated derivative instruments. Early Close/Trading Halt Risk. 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 WULF and may incur substantial losses. If there is a significant intra-day market event and/or WULF 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 the Exchange and incur significant losses. Equity Securities Risk. 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 WULF does not provide leveraged exposure to WULF and, as a result, if the Fund invests directly in common stock of WULF to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. 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. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zrbjeTJeGBv5"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zGEkbf9diH57"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zM6X4DgzjxE2"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zfne4IreQZM3"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z3F4kOTRBfce"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 QS DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of QS. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zGYPF9cZTnnf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zJBySbtF5m72"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z01aMKG0klbk" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_981_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096443Member_z4bv8PliPD1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265278Member_fKDEp_za3g9hOxtP9c" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td id="xdx_980_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265278Member_zhxJXWvOCX07" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265278Member_fKDIp_zTJtQQ8aSto" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_982_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265278Member_fKDMp_z1WUwn6uZ4H7" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <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">(1) </td><td id="xdx_F12_zyBOrXQOyLne" style="text-align: justify; padding-right: 17.3pt">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.</td></tr></table> <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">(2) </td><td id="xdx_F12_zLNTn4J8yHq6" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <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">(3) </td><td id="xdx_F1F_zKfTbcnHuoX1" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zG8oTUbJfvR4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zRBGlzI71eLj" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zoC3dcmG4Rwg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zycptrKJvNNf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_418_20251029__20251029__oef--ClassAxis__custom--C000265278Member_z6gKrzFpbEq7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long QS Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 QS on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on QS or by investing directly in the common stock of QS. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in QS 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 QS 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. 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 QS 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.e., 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.e., 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 (QS) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain QS 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 QS is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which QS is assigned). As of the date of this prospectus, QS is assigned to the consumer discretionary sector and automotive industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of QS. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to QS is consistent with the Fund’s investment objective. The impact of QS’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of QS 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 QS 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. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The 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. QuantumScape Corporation, together with its subsidiaries, focuses on the development and commercialization of solid-state lithium-metal batteries for electric vehicles and other applications in the United States. QS 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 QuantumScape Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39345 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding QuantumScape 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, QS is assigned to the consumer discretionary sector and automotive industry. The Fund has derived all disclosures contained in this document regarding QuantumScape 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 QuantumScape 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 QS have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning QuantumScape Corporation could affect the value of the Fund’s investments with respect to QS and therefore the value of the Fund. 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. 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. 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 QS 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_z9AHstKZTQIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 QS’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 QS during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how QS 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) QS volatility; b) QS 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 QS. 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 QS volatility and QS performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to QS; (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 QS. During periods of higher QS volatility, the volatility of QS may affect the Fund’s return as much as, or more than, the return of QS. 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 QS during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if QS provided no return over a one-year period during which QS 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 QS’s return is flat. For instance, if QS’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of QS 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 QS. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> 200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> QS’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 was 109.64%. QS’s annualized daily volatility rates were as follows: 2020 233.27% 2021 103.46% 2022 81.44% 2023 84.45% 2024 82.95% Volatility for a shorter period of time may have been substantially higher. QS’s annualized performance for the five-year period ended December 31, 2024 was -13.72%. Historical volatility and performance are not indications of what QUBT volatility and performance will be in the future. QS’s stock price may be more volatile, and may fluctuate more than the market. By way of example, currently, the 52-week high stock price for QS is $19.07 on October 15, 2025 and the 52-week low stock price for QS is $3.40, which occurred on April 8, 2025. QS’s 52-week high and low stock price may change significantly over a short period of time. 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.” 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.” Leverage Risk. 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 QS 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 QS, 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 QS 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 QS does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with QS and may increase the volatility of the Fund. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Call Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of 200% of the daily performance of QS, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 QS 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. Intra-Day Investment Risk. 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 QS at the market close on the first trading day and the value of QS at the time of purchase. If QS gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if QS 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 QS. 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. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to QS and therefore achieve its daily leveraged investment objective. The Fund’s exposure to QS is impacted by QS’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to QS at the end of each day. The possibility of the Fund being materially over- or under-exposed to QS increases on days when QS 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. 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) QS. 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 QS. 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 QS. 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 QS. Any of these factors could decrease the correlation between the performance of the Fund and QS and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. QuantumScape 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 QuantumScape Corporation and make no representation as to the performance of QS. Investing in the Fund is not equivalent to investing in QS. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to QS. Underlying Security Investing Risk. 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. QS Investing Risk. 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, QS 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 QS common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of QS’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. QS is a highly dynamic company, and its operations, including its products and services, may change. Consumer Discretionary Sector Risk. The Fund’s assets will be concentrated in the consumer discretionary sector, which means the Fund will be more affected by the performance of the consumer discretionary sector than a fund that is more diversified. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on the irrespective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. Industry Concentration Risk. The Fund will be concentrated in the industry to which QuantumScape Corporation is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which QuantumScape 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, QS is assigned to the consumer discretionary sector and automotive industry. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AutomotiveCompaniesRiskMember_zyCK67YxQF3e"></div> <table cellpadding="0" cellspacing="0" style="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Automotive Companies Risk. The automotive industry can be highly cyclical, and companies in the industry may suffer periodic operating losses. Automotive companies can be significantly affected by labor relations and fluctuating component prices. Developments in automotive technologies (e.g., autonomous vehicle technologies) may require significant capital expenditures that may not generate profits for several years, if ever. Automotive companies may be significantly subject to government policies and regulations regarding imports and exports of automotive products. Governmental policies affecting the automotive industry, such as taxes, tariffs, duties, subsidies, and import and export restrictions on automotive products can influence industry profitability. In addition, such companies must comply with environmental laws and regulations, for which there may be severe consequences for non-compliance. While most of the major automotive manufacturers are large companies, certain others may be non-diversified in both product line and customer base and may be more vulnerable to certain events that may negatively impact the automotive industry.</td> </tr></table> Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. 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 QS. 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 QS value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the QS. Under such circumstances, the market for QS 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 QS and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for QS 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 QS and correlated derivative instruments. Early Close/Trading Halt Risk. 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 QS and may incur substantial losses. If there is a significant intra-day market event and/or QS 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 the Exchange and incur significant losses. Equity Securities Risk. 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 QS does not provide leveraged exposure to QS and, as a result, if the Fund invests directly in common stock of QS to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. 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. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zYzm4QOZpcxf"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zad76etEjrSa"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zCgpwaBWJ4F5"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_ztj8JaqiXet4"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zTezMgw8u40a"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 BLSH DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of BLSH. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A80_eoef--ExpenseNarrativeTextBlock_z6N4Ck5pjOz7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> 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. </td></tr></table> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zOGNWgVuDBhf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zn3wyk5nDlWh" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> <p id="xdx_981_eoef--OperatingExpensesCaption_c20251029__20251029__dei--LegalEntityAxis__custom--S000096438Member_zO0XspnawrMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr> <td style="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td id="xdx_985_eoef--ManagementFeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265273Member_fKDEp_zULghtzrjo14" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Service Fees</td> <td id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265273Member_zPBQcvmCgx1d" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265273Member_fKDIp_zdiN2YG9TJ86" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td id="xdx_982_eoef--ExpensesOverAssets_dp_c20251029__20251029__oef--ClassAxis__custom--C000265273Member_fKDMp_zcV1VHlQsNG2" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1) </td><td id="xdx_F1B_zlzywTOkSx8i" style="text-align: justify; padding-right: 17.3pt">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.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2) </td><td id="xdx_F15_zSnPUQ5z2F4i" style="text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td> </tr></table> <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 id="xdx_F07_zcyiXUkHgfvd" style="width: 0.25in">(3)</td><td id="xdx_F13_zRX88RZRbLNe" style="text-align: justify; padding-right: 17.3pt">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 August 31, 2026.</td></tr></table> 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 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYbHiaLExXok"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_ziA3pDfB1am6" 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: 1.45pt; width: 46%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_481_eoef--ExpenseExampleYear01_zKOlsuhjZGO1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zMsbHFXajea1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 12%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_41E_20251029__20251029__oef--ClassAxis__custom--C000265273Member_zI8vndj7A3x5" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Inverse BLSH Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover 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. Principal Investment Strategies 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 BLSH on a daily basis. The Fund may also seek to achieve its investment objective by purchasing put options on BLSH or by engaging in short sales of the common stock of BLSH. The Adviser will determine the allocation of the Fund’s investments in swap agreements, put options and short sales of BLSH 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 BLSH 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. 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 BLSH 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 BLSH as the reference security. Put options give the holder (i.e., the buyer) the right to sell an asset and the seller (i.e., 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. If the Adviser determines to engage in short sales on the common stock of BLSH, the Fund will sell shares of BLSH 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. The Adviser attempts to consistently apply leverage to obtain short BLSH 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 BLSH is assigned (i.e., hold 25% or more of its total assets in investments that provide inverse exposure in the industry to which BLSH is assigned). As of the date of this prospectus, BLSH is assigned to the technology sector and the software industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of BLSH. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to BLSH is consistent with the Fund’s investment objective. The impact of BLSH’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of BLSH 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 BLSH 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. 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. Bullish is a cryptocurrency exchange and a digital asset infrastructure company. Bullish operates a regulated platform for trading digital assets, including spot and derivatives markets that also owns the crypto news site CoinDesk. Bullish is registered under the Securities Exchange Act of 1933, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Bullish pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 333-260659 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Bullish 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, BLSH is assigned to the technology sector and the software industry. The Fund has derived all disclosures contained in this document regarding Bullish 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 Bullish 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 BLSH have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Bullish could affect the value of the Fund’s investments with respect to BLSH and therefore the value of the Fund. 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. 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. 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 BLSH 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zLM3Q7tbzc9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. 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 BLSH’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 effects of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of BLSH during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how BLSH 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) BLSH volatility; b) BLSH performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect BLSH. 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 BLSH volatility and BLSH performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect BLSH; (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 BLSH. During periods of higher BLSH volatility, the volatility of BLSH may affect the Fund’s return as much as, or more than, the return of BLSH. The effects of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of BLSH during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 17.1% if BLSH provided no return over a one-year period during which BLSH 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 BLSH’s return is flat. For instance, if BLSH’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%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of BLSH 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 BLSH. 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. <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: 42%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt"> -200% One Year</td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">506.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">418.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">195.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">15.6%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-68.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">288.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">231.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">88.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-26.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">169.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">130.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-48.6%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">98.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">69.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-62.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-89.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">51.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">29.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-26.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-71.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-92.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">2.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-41.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-77.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-93.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-52.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-81.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-95.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-95.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-32.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-42.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-96.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-89.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-97.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-57.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.6%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-97.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-56.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-91.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-97.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-62.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-67.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-81.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-92.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-98.1%</td></tr> </table> BLSH is newly launched and began trading in calendar year 2025. As of the date of this prospectus, BLSH 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 BLSH’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 BLSH’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently BLSH’s high stock price since inception on August 13, 2025 was $118.00 on August 13, 2025, and its low stock price since inception on August 13, 2025 was $47.88 on September 5, 2025. BLSH’s high and low stock price since inception on August 13, 2025 may change significantly over a short period of time. 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. Derivatives Risk. 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. 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. Swap Agreements. 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. 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. Put Options. 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. FLEX Options. 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. Counterparty Risk. 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. 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, before fees and expenses, of -200% of the daily performance of BLSH, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. 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 BLSH 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. Shorting Risk. 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. The Fund will obtain short exposure through the use of swap agreements, purchased put options, and physical short sales of BLSH. 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 BLSH 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. Cash Transaction Risk. 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. Intra-Day Investment Risk. 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 BLSH at the market close on the first trading day and the value of BLSH at the time of purchase. If BLSH loses value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if BLSH 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 BLSH. If there is a significant intra-day market event and/or BLSH 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. Daily Inverse Correlation Risk. There is no guarantee that the Fund will achieve a high degree of inverse correlation to BLSH and therefore achieve its daily inverse investment objective. The Fund’s exposure to BLSH is impacted by BLSH’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to BLSH at the end of each day. The possibility of the Fund being materially over- or under-exposed to BLSH increases on days when BLSH 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. 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) BLSH. 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 BLSH. 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 BLSH. 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 BLSH. Any of these factors could decrease the inverse correlation between the performance of the Fund and BLSH and may hinder the Fund’s ability to meet its daily inverse investment objective on or around that day. Market Risk. 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. Indirect Investment Risk. Bullish 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 Bullish and make no representation as to the performance of BLSH. Investing in the Fund is not equivalent to investing in BLSH. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to BLSH. Underlying Security Investing Risk. 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. BLSH Investing Risk. 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, BLSH 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 BLSH common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of BLSH’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. BLSH is a highly dynamic company, and its operations, including its products and services, may change. Technology Sector Risk. 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. Industry Concentration Risk. The Fund will be concentrated in the industry to which Bullish is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Bullish 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, BLSH is assigned to the technology sector and the software industry. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ComputerSoftwareIndustryRiskMember_zD3s9X8Cd2kk"></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">●</td><td style="text-align: justify">Computer Software Industry Risk. 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. 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.</td></tr></table> Fixed Income Securities Risk. 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. Money Market Instrument Risk. 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. Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. 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 BLSH. 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 BLSH value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in BLSH. Under such circumstances, the market for BLSH 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 BLSH and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for certain securities in BLSH 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 BLSH and correlated derivative instruments. Early Close/Trading Halt Risk. 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 BLSH 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 the Exchange and incur significant losses. Equity Securities Risk. 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 BLSH, such short sales do not provide leveraged exposure to BLSH and, as a result, the Fund may not achieve its -200% daily investment objective. Tax Risk. 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. Non-Diversification Risk. 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. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zxXY7qsBNale"></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">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. 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. </td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zCzIcvUFrKb"></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">●</td><td style="text-align: justify">Cash Redemption Risk. 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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zundS3LORpRa"></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">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. 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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zamwgt1RMoCc"></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">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. 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. </td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zH3cGygxSyPf"></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">●</td><td style="text-align: justify">Trading. 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.</td></tr></table> New Fund Risk. 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. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. 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. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. 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 August 31, 2026. 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 August 31, 2026. 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 August 31, 2026. 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 August 31, 2026. 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 August 31, 2026. 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 August 31, 2026. 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 August 31, 2026. 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 August 31, 2026. 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 August 31, 2026.