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oef:RiskNondiversifiedStatusMember 2025-10-31 2025-10-31 iso4217:USD shares iso4217:USD shares pure false 485BPOS 2025-10-31 0001976322 N-1A Themes ETF Trust 2025-11-05 Leverage Shares 2X Long NET Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of NET. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zouN0fLKLq37"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zmpdVbZdKlHi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td id="xdx_494_20251031__20251031__dei--LegalEntityAxis__custom--S000096598Member__oef--ClassAxis__custom--C000265493Member_zC2GR2AXxNH9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zeCHIsQq1SV8" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; width: 84%; text-align: left; padding-bottom: 1pt">Management Fees1</td> <td style="border-top: Black 1pt solid; text-align: center; width: 1%; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zRV1sydkPLo1" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zLQWxfSLTt3e" style="vertical-align: bottom; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Other Expenses2</td> <td style="border-top: Black 1pt solid; text-align: center; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zZXsu7Gr3mAc" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses3</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxTliO0mpPRd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zhSXAn7dJxB7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zMVKdAwpupR8" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_480_eoef--ExpenseExampleYear03_zsYErhm2r3wk" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_41C_20251031__20251031__dei--LegalEntityAxis__custom--S000096598Member__oef--ClassAxis__custom--C000265493Member_zN2nOmpL6MHh" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of NET, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in NET that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing NET stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which NET is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which Cloudflare Inc. is assigned). As of the date of this prospectus, NET is assigned to the software and services 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 NET. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to NET is consistent with the Fund’s investment objective. The impact of NET’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of NET 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 NET 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 collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 - 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Cloudflare Inc. provides a suite of services designed to improve the performance, security, and reliability of websites and other internet-connected applications. This prospectus relates only to the Fund shares offered hereby and is not a prospectus for the common stock or other securities of Cloudflare Inc. The common stock of Cloudflare Inc. (NET) 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 (“SEC”) by Cloudflare Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-39039 through the SEC’s website at www.sec.gov. In addition, information regarding Cloudflare Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of NET or other securities of NET. The Fund has derived all disclosures contained in this document regarding NET 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 Cloudflare 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 NET have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Cloudflare Inc. could affect the value of the Fund’s investments with respect to NET 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 NET’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of NET during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how NET 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) NET volatility; b) NET 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 NET. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to NET; (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 NET. During periods of higher NET volatility, the volatility of NET may affect the Fund’s return as much as, or more than, the return of NET. 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 NET 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 NET provided no return over a one year period during which NET 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 NET’s return is flat. For instance, if NET’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 NET 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 NET. 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="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">100%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-86.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-82.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-76.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-70.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-55.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-47.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-37.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-27.9%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-17.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td></tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 70.46%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 100.62% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 44.61%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. 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 NET 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 NET, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if NET 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 NET does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with NET 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. Cloudflare Inc. 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. As of the date of this prospectus, in addition to the risks associated with the software and services industry, NET faces significant financial and operational risk including, but not limited to, a history of net losses and the company may not be able to achieve or sustain profitability in the future, rapid revenue growth that may not be indicative of the future performance, future results of operations could be harmed if the company can not attract new paying and free customers, and attract new paying and free customers, and quarterly results may fluctuate significantly and may not fully reflect the underlying performance of the business. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of NET and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of NET. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to NET through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of NET moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of NET at the market close on the first trading day and the value of NET at the time of purchase. If NET rises in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if NET declines in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or NET 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 prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to NET and therefore achieve its daily leveraged investment objective. The Fund’s exposure to NET is impacted by NET’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to NET at the end of each day. The possibility of the Fund being materially over- or under-exposed to NET increases on days when NET 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) NET. 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 NET. 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 NET. 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 NET. Any of these factors could decrease the correlation between the performance of the Fund and NET and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which Cloudflare Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which Cloudflare Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, NET is assigned to the software and services industry. Software and Services 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. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. Cloudflare 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 Cloudflare Inc. and make no representation as to the performance of NET. Investing in the Fund is not equivalent to investing in NET. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to NET. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 NET. 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 NET value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in NET. Under such circumstances, the market for NET 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 NET and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for NET 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 NET and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long NU Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of NU. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zzMnYtjTi0wc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_z1y0pE8LQYUg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"> </td> <td id="xdx_49E_20251031__20251031__dei--LegalEntityAxis__custom--S000096599Member__oef--ClassAxis__custom--C000265494Member_zTLZQnHg0nt1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zjnWAZGLP7j7" style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; width: 84%">Management Fees1</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: center; vertical-align: top"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center; vertical-align: bottom">0.75%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgPSA4QeUYh7" style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top">Distribution and/or Service (12b-1) Fees</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">None</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zlSfZECfmXbh" style="font: 10pt Times New Roman, Times, Serif; background-color: White"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top">Other Expenses2</td> <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_ziofTIAcoAue" style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses3</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.75%</td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2FqlNF4Zdqa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z5jWmcleS6wl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zY3256LFPgRg" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_483_eoef--ExpenseExampleYear03_zSYTrHYAK784" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_41A_20251031__20251031__dei--LegalEntityAxis__custom--S000096599Member__oef--ClassAxis__custom--C000265494Member_zbwTAvXCjq57" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of NU, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in NU that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing NU stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which NU is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which Nu Holdings Ltd.). As of the date of this prospectus, NU is assigned to the banking industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of NU. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to NU is consistent with the Fund’s investment objective. The impact of the Underlying Security’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of NU 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 NU 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 collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 – 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Nu Holdings Ltd. provides digital financial services platforms primarily in Brazil, Mexico, Colombia. Nu Holdings Ltd. (NU) is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by Nu Holdings Ltd. pursuant to the Exchange Act can be located by reference to the SEC file number 001-41129 through the SEC’s website at www.sec.gov. In addition, information regarding Nu Holdings Ltd. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of NU or other securities of NU. The Fund has derived all disclosures contained in this document regarding Nu Holdings Ltd. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Nu Holdings Ltd. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of NU have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Nu Holdings Ltd. could affect the value of the Fund’s investments with respect to NU 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 the performance of NU performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of NU during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how NU 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) NU volatility; b) NU 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 NU. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to NU; (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 NU. During periods of higher NU volatility, the volatility of NU may affect the Fund’s return as much as, or more than, the return of NU. 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 NU 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 NU provided no return over a one-year period during which NU experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security’s return is flat. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative 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 NU 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 NU. 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="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">100%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-86.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-82.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-76.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-70.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-55.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-47.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-37.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-27.9%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-17.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td></tr> </table> The Underlying Security’s annualized historical daily volatility rate since inception of trading on January 3, 2022 through the period ended December 31, 2024 (the “Period”) was 63.38%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 93.10% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 1.25%. Historical volatility and performance are not indications of what the Underlying Security volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. 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 NU 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 NU, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if NU 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 NU does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with NU 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. Nu Holdings Ltd. 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. As of the date of this prospectus, in addition to the risks associated with the banking industry, Nu Holdings Ltd. faces risks associated with: brand reputation and the failure to maintain, protect and enhance the brand and image; the potential failure to successfully implement and improve the company’s risk management policies, procedures and methods, NU’s business is highly dependent on the proper functioning of information technology systems, particularly at scale; any failure of these systems would disrupt its business and impair its ability to provide services and products effectively to its customers; Nu depends on data centers operated by third-parties and third-party internet-hosting providers and cloud computing platforms, and any disruption in the operation of these facilities or platforms or access to the internet would adversely affect its business; there is extensive regulation and regulatory and governmental oversight as a digital financial services platform and as a payment institution; ongoing legislative and regulatory initiatives and the broader payments industry may result in changes to the regulatory framework of the Brazilian payments and financial industries, which can negatively impact NU’s business; and the unauthorized disclosure of sensitive or confidential customer information or NU’s failure or the perception by customers that NU failed to comply with privacy laws or properly address privacy concerns could harm its business. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of NU and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of NU. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to NU through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of NU moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of NU at the market close on the first trading day and the value of NU at the time of purchase. If NU gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if NU declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or NU 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 (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to NU and therefore achieve its daily leveraged investment objective. The Fund’s exposure to NU is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to NU at the end of each day. The possibility of the Fund being materially over- or under-exposed to NU increases on days when NU 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) NU. 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 NU. 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 NU. 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 NU. Any of these factors could decrease the correlation between the performance of the Fund and NU and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which Nu Holding Ltd. is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which Nu Holding Ltd. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, NU is assigned to the banking industry. Banking Industry Risk. Banks depend upon being able to obtain funds at reasonable costs and upon liquidity in the capital and credit markets to finance their lending and other operations which makes banks sensitive to changes in money market and general economic conditions. When a bank’s borrowers have financial trouble, their failure to repay the bank will adversely affect the bank’s financial situation. Banks are also highly regulated. Decisions by regulators may limit the loans banks make and the interest rates and fees they charge and may reduce bank profitability. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. Nu Holdings Ltd. is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of NU and make no representation as to the performance of NU. Investing in the Fund is not equivalent to investing in Nu Holdings Ltd.. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to NU. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 NU. 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 NU value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in NU. Under such circumstances, the market for NU 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 NU and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for NU 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 NU and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long OKTA Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of OKTA. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zSemcduS2BPk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zPkNrdocZbgh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td id="xdx_498_20251031__20251031__dei--LegalEntityAxis__custom--S000096600Member__oef--ClassAxis__custom--C000265495Member_zCtpEMImfd89" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zdJVYMmwAUvd" style="background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: top">Management Fees1</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zrJ7DYjZhhd" style="background-color: gainsboro"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: top">Distribution and/or Service (12b-1) Fees</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zYgQ5jwNlx34" style="background-color: white"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: top; width: 84%">Other Expenses2</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z7SrU6BjgILl" style="background-color: gainsboro"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Total Annual Fund Operating Expenses3</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.75%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWi2RjnF53Gj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z5XuqWIDLUGb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zDXJfOqALNh" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_482_eoef--ExpenseExampleYear03_zVei3cZq8HL6" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_41A_20251031__20251031__dei--LegalEntityAxis__custom--S000096600Member__oef--ClassAxis__custom--C000265495Member_zsONTC3QDwEg" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of OKTA, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in OKTA that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing OKTA stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which OKTA is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which OKTA is assigned). As of the date of this prospectus, OKTA is assigned to the software and services 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 OKTA. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to OKTA is consistent with the Fund’s investment objective. The impact of OKTA’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of OKTA 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 OKTA 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 collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 – 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Okta, Inc. is an American identity and access management company. It provides cloud software that helps companies manage and secure user authentication into applications, and for developers to build identity controls into applications, websites, web services, and devices. Okta, Inc. The common stock of Okta, Inc. (OKTA) 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 (“SEC”) by OKTA pursuant to the Exchange Act can be located by reference to the SEC file number 001-38044 through the SEC’s website at www.sec.gov. In addition, information regarding OKTA may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of OKTA or other securities of OKTA. The Fund has derived all disclosures contained in this document regarding OKTA 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 OKTA 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 OKTA have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning OKTA could affect the value of the Fund’s investments with respect to OKTA 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 OKTA’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of OKTA during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how OKTA 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) OKTA volatility; b) OKTA 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 OKTA. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to OKTA; (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 OKTA. During periods of higher OKTA volatility, the volatility of OKTA may affect the Fund’s return as much as, or more than, the return of OKTA. 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 OKTA 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 OKTA provided no return over a one year period during which OKTA 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 OKTA’s return is flat. For instance, if OKTA’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 OKTA 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 OKTA. 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="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">100%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-86.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-82.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-76.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-70.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-55.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-47.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-37.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-27.9%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-17.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td></tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 55.69%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 82.04% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -7.65%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. 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 OKTA 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 OKTA, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if OKTA 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 OKTA does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with OKTA 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. Okta, Inc. 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. As of the date of this prospectus, in addition to the risks associated with companies in the software and services industry, Okta, Inc. faces risks associated with: intense competition, especially from larger, well-established companies, and OKTA may lack sufficient financial or other resources to maintain or improve our competitive position; a history of losses, and OKTA may not be consistently profitable in the future; general economic, market and industry conditions and reductions in workforce identity and customer identity spending have, in the past, and may, in the future, reduce demand for OKTA’s solutions; quarterly fluctuations in results of operations due to a number of factors that make future results difficult to predict and could cause results of operations to fall below analyst or investor expectations; OKTA depends on its ability to retain existing customers, and its revenues and results of operations could be adversely impacted if such customers do not renew their subscriptions or purchase additional licenses or subscriptions; the inability to grow its customer base could harm its revenue growth and profitability; historical and potential future cybersecurity incidents; and OKTA depends on executive officers and other key employees, and the loss of one or more of these employees or an inability to attract and retain other highly skilled employees could harm our business. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of OKTA and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of OKTA. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to OKTA through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of OKTA moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of OKTA at the market close on the first trading day and the value of OKTA at the time of purchase. If OKTA rises in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if OKTA declines in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or OKTA 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 prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to OKTA and therefore achieve its daily leveraged investment objective. The Fund’s exposure to OKTA is impacted by OKTA’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to OKTA at the end of each day. The possibility of the Fund being materially over- or under-exposed to OKTA increases on days when OKTA 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) OKTA. 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 OKTA. 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 OKTA. 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 OKTA. Any of these factors could decrease the correlation between the performance of the Fund and OKTA and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which OKTA is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which Okta, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, OKTA is assigned to the software and services industry. Software and Services 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. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. Okta, 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 Okta, Inc. and make no representation as to the performance of OKTA. Investing in the Fund is not equivalent to investing in OKTA. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to OKTA. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 OKTA. 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 OKTA value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in OKTA. Under such circumstances, the market for OKTA 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 OKTA and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for OKTA 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 OKTA and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long OSCR Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of OSCR. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zagpH4TExtA4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zyNtzLevVuli" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_492_20251031__20251031__dei--LegalEntityAxis__custom--S000096601Member__oef--ClassAxis__custom--C000265496Member_zPWVB11qPs4e" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zKTZ0mWtMMCe" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: top; width: 84%; text-align: left">Management Fees1</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zKeCGgcP187e" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: top; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zcstlJhTbkga" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: top; text-align: left">Other Expenses2</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zm9gEMWUHvc9" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses3</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTThAPjahoh6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_ziSM49NGjcR9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zmaz8S3gBjqk" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_488_eoef--ExpenseExampleYear03_zYLBNex3HWJ1" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_414_20251031__20251031__dei--LegalEntityAxis__custom--S000096601Member__oef--ClassAxis__custom--C000265496Member_zsI7QXlxXoQ2" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of OSCR, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in OSCR that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing OSCR stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which OSCR is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which Oscar Health Inc.is assigned). As of the date of this prospectus, OSCR is assigned to the insurance 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 OSCR. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to OSCR is consistent with the Fund’s investment objective. The impact of OSCR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of OSCR has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of OSCR has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 - 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Oscar Health Incorporated operates as a healthcare technology company and offers health plans to individuals, families, employees, and small group markets. The common stock of Oscar Health Inc. (OSCR) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by OSCR pursuant to the Exchange Act can be located by reference to the SEC file number 001-40154 through the SEC’s website at www.sec.gov. In addition, information regarding Futu may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of OSCR or other securities of OSCR. The Fund has derived all disclosures contained in this document regarding Futu 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 Futu is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of OSCR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Futu could affect the value of the Fund’s investments with respect to OSCR 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 OSCR’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of OSCR during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how OSCR volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) OSCR volatility; b) OSCR performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to OSCR. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to OSCR; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of OSCR. During periods of higher OSCR volatility, the volatility of OSCR may affect the Fund’s return as much as, or more than, the return of OSCR. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of OSCR during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if OSCR provided no return over a one year period during which OSCR experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if OSCR’s return is flat. For instance, if OSCR’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of OSCR and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of OSCR. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; vertical-align: bottom; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-5.8%</td></tr> </table> The Underlying Security’s annualized historical daily volatility rate since inception of trading on March 2, 2021 through the period ended December 31, 2024 (the “Period”) was 80.60%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 91.92% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -19.19%. Historical volatility and performance are not indications of what the Underlying Security volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. 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 OSCR will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in OSCR, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if OSCR subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if OSCR does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with OSCR and may increase the volatility of the Fund. 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. Oscar Health Inc. 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. As of the date of this prospectus, in addition to the risks associated with companies in the insurance industry, OSCR faces risks associated with business, financial condition, and results of operations may be harmed if OSCR fails to execute its strategy and manage its growth effectively; failure to add new members or retain current members, or manage its membership growth appropriately to meet its business objectives, its business, revenue, operating results, and financial condition could be harmed; the success and ability to grow the business depends in part on retaining and expanding OSCR’s member base; failure to accurately estimate OSCR’s incurred medical expenses or effectively manage our medical costs or related administrative costs could negatively affect our financial position, results of operations, and cash flows; any changes to the ACA and its regulations could materially and adversely affect OSCR’s business, results of operations, and financial condition; OSCR’s business activities are subject to ongoing, complex, and evolving regulatory obligations, and to continued regulatory review, which result in significant additional expense and the diversion of its management’s time and efforts; if OSCR is unable to arrange for the delivery of quality care, and maintain good relations with the physicians, hospitals, and other providers within and outside its provider networks, or if it is unable to enter into cost-effective contracts with such providers, or if OSCR loses any of its limited number of in-network providers, its profitability could be adversely affected and the company has a history of losses, and may not maintain profitability in the future. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of OSCR and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of OSCR. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the OSCR through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of OSCR moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of OSCR at the market close on the first trading day and the value of OSCR at the time of purchase. If OSCR rises in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if OSCR declines in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or OSCR 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 prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to OSCR and therefore achieve its daily leveraged investment objective. The Fund’s exposure to OSCR is impacted by OSCR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to OSCR at the end of each day. The possibility of the Fund being materially over- or under-exposed to OSCR increases on days when OSCR is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) OSCR. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with OSCR. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to OSCR. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of OSCR. Any of these factors could decrease the correlation between the performance of the Fund and OSCR and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which Futu is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which Oscar Health Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, OSCR is assigned to the insurance industry. Insurance Industry Risk. Insurance companies are subject to a variety of industry-specific risks that may adversely affect their business and the value of their securities. Insurance companies are highly dependent on the accuracy of actuarial assumptions and underwriting models, and adverse claim experience can reduce profitability. In addition, insurance companies are sensitive to changes in interest rates, credit spreads, and equity market levels, as investment income from reserves is a significant component of earnings. Regulatory and legislative changes, including capital adequacy requirements and consumer protection laws, may materially impact operations. Competition within the industry is intense, and pricing pressures may erode margins. Because the insurance industry is cyclical and closely tied to macroeconomic conditions, securities of insurance companies may be more volatile than those of companies in other sectors. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. Oscar Health Inc. is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Oscar Health Inc. and make no representation as to the performance of OSCR. Investing in the Fund is not equivalent to investing in OSCR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to OSCR. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 OSCR. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that OSCR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in OSCR. Under such circumstances, the market for OSCR may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of OSCR and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for OSCR and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of OSCR and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long SBUX Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of SBUX. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zEkKWQ3VpZaf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zXe812mL59Xh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49E_20251031__20251031__dei--LegalEntityAxis__custom--S000096602Member__oef--ClassAxis__custom--C000265497Member_zl7C0TVIjlg5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zMqHgXOk7Hnl" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; width: 84%; text-align: left; padding-bottom: 1pt">Management Fees1</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0qfGGzwU88" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z71yMkjf1kLe" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Other Expenses2</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z2QoMhaH4aG5" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses3</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4175QMmrN1h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zpVVFgMaUKN9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_z4CIqmALUsEb" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_482_eoef--ExpenseExampleYear03_zyHp7st992L9" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_41D_20251031__20251031__dei--LegalEntityAxis__custom--S000096602Member__oef--ClassAxis__custom--C000265497Member_zWvhp4SwXuH7" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of SBUX, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in SBUX that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing SBUX stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which SBUX is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which SBUX is assigned). As of the date of this prospectus, SBUX is assigned to the consumer services 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 SBUX. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to SBUX is consistent with the Fund’s investment objective. The impact of SBUX’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SBUX has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SBUX has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 - 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Starbucks Corporation is a roaster, marketer, and retailer of specialty coffee globally. The common stock of Starbucks Corporation (SBUX) is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by Starbucks Corporation pursuant to the Exchange Act can be located by reference to the SEC file number 000-20322 through the SEC’s website at www.sec.gov. In addition, information regarding Starbucks Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of SBUX or other securities of SBUX. The Fund has derived all disclosures contained in this document regarding Starbucks Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Starbucks Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SBUX have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Starbucks Corporation could affect the value of the Fund’s investments with respect to SBUX 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 SBUX’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SBUX during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how SBUX 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) SBUX volatility; b) SBUX 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 SBUX. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to SBUX; (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 SBUX. During periods of higher SBUX volatility, the volatility of SBUX may affect the Fund’s return as much as, or more than, the return of SBUX. 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 SBUX 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 SBUX provided no return over a one year period during which SBUX experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SBUX’s return is flat. For instance, if SBUX’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 SBUX and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of SBUX. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; vertical-align: bottom; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-5.8%</td></tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 33.97%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 45.47% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 0.42%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. 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 SBUX 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 SBUX, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if SBUX 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 SBUX does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SBUX and 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. Starbucks Corporation 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 companies in the consumer services industry, SBUX faces risks associated with: intense competition; brand relevance and execution, evolving consumer preferences and tastes, as well as potential adverse public or medical opinions about the health effects of consuming its products; dependence on the performance of its North America operating segment; increasing dependence on the success of certain international markets in order to achieve growth targets; increases in the cost of high-quality arabica coffee beans or other commodities or decreases in the availability of high-quality arabica coffee beans or other commodities; and reported incidents involving food- or beverage-borne illnesses, tampering, adulteration, contamination, or mislabeling, whether or not accurate. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of SBUX and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of SBUX. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to SBUX through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of SBUX moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of SBUX at the market close on the first trading day and the value of SBUX at the time of purchase. If SBUX rises in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if SBUX declines in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or SBUX 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 (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to SBUX and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SBUX is impacted by SBUX’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SBUX at the end of each day. The possibility of the Fund being materially over- or under-exposed to SBUX increases on days when SBUX is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the 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) SBUX. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with SBUX. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SBUX. 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 SBUX. Any of these factors could decrease the correlation between the performance of the Fund and SBUX and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which Starbucks Corporation is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which SBUX is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, SBUX is assigned to the consumer services industry. Consumer Services Industry Risk. The success of company’s engaged in the consumer services industry is tied closely to the performance of domestic and international economies, interest rates, exchange rates, supply chains, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer services industry depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. SBUX 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 SBUX Corporation and make no representation as to the performance of SBUX. Investing in the Fund is not equivalent to investing in SBUX. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to SBUX. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 SBUX. 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 SBUX value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in SBUX. Under such circumstances, the market for SBUX 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 SBUX and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for SBUX 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 SBUX and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long SHOP Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of SHOP. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zdAlXJwYbV59"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zOjxmmp4oEn" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_498_20251031__20251031__dei--LegalEntityAxis__custom--S000096603Member__oef--ClassAxis__custom--C000265498Member_zNrYDa5HS6Yi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zLZnRflrDeMk" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; width: 84%; text-align: left; padding-bottom: 1pt">Management Fees1</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7LeW1B8hKPf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z2mw110QQyN2" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Other Expenses2</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zvnrcdwpYcH9" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses3</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNbW8Ohv7pTd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zMUvyKOWXqZc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_zn3KTWivrLm6" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zDInpGafmBm4" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_410_20251031__20251031__dei--LegalEntityAxis__custom--S000096603Member__oef--ClassAxis__custom--C000265498Member_z3zGifne0iDf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of SHOP, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in SHOP that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing SHOP stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which SHOP is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which SHOP is assigned). As of the date of this prospectus, SHOP is assigned to the software and services 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 SHOP. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to SHOP is consistent with the Fund’s investment objective. The impact of SHOP’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SHOP 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 SHOP 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 collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 - 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Shopify, Inc. operates a cloud-based commerce platform designed for small and medium-sized businesses. The common stock of SHOP 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 (“SEC”) by Adobe pursuant to the Exchange Act can be located by reference to the SEC file number 001-37400 through the SEC’s website at www.sec.gov. In addition, information regarding Shopify may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of SHOP or other securities of SHOP. The Fund has derived all disclosures contained in this document regarding SHOP 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 SHOP 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 SHOP have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning SHOP could affect the value of the Fund’s investments with respect to SHOP 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 SHOP’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SHOP during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how SHOP 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) SHOP volatility; b) SHOP 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 SHOP. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to SHOP; (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 SHOP. During periods of higher SHOP volatility, the volatility of SHOP may affect the Fund’s return as much as, or more than, the return of SHOP. 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 SHOP 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 SHOP provided no return over a one year period during which SHOP 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 SHOP’s return is flat. For instance, if SHOP’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 SHOP 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 SHOP. 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="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">100%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-86.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-82.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-76.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-70.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-55.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-47.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-37.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-27.9%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-17.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td></tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 66.26%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 94.33% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 21.13%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. 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 SHOP 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 SHOP, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if SHOP 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 SHOP does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SHOP 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. Shopify, Inc. 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. As of the date of this prospectus, in addition to the risks associated with companies in the software and services industry, SHOP faces risks associated with: the ability to attract and retain merchants, increase sales to both new and existing merchants; the ability to sustain and manage growth effectively; increased market competition; the impact of worldwide economic conditions, including the resulting effect on spending by merchants or their buyers; reliance on two suppliers to provide the technology offered through Shopify payments; the use of artificial intelligence (“AI”) and machine learning, including risks associated with the use of AI algorithms and tools, the data sets used to train AI-powered models, the content produced by AI and the complex, developing regulatory environment in this area; complex and changing laws and regulations worldwide, including that payments processed through Shopify Payments, Shop Pay Installments or payments processed or funds managed through Shopify Balance may be subject to regulatory requirements, additional fees and other risks that could be costly and difficult to comply with or that could harm SHOP’s business. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of SHOP and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of SHOP. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the SHOP through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of SHOP moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of SHOP at the market close on the first trading day and the value of SHOP at the time of purchase. If SHOP rises in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if SHOP declines in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or SHOP 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 prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to SHOP and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SHOP is impacted by SHOP’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SHOP at the end of each day. The possibility of the Fund being materially over- or under-exposed to SHOP increases on days when SHOP 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) SHOP. 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 SHOP. 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 SHOP. 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 SHOP. Any of these factors could decrease the correlation between the performance of the Fund and SHOP and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which SHOP is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which Shopify, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, SHOP is assigned to the information technology services industry. Software and Services 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. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. Shopify, 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 Shopify, Inc. and make no representation as to the performance of SHOP. Investing in the Fund is not equivalent to investing in SHOP. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to SHOP. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 SHOP. 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 SHOP value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in SHOP. Under such circumstances, the market for SHOP 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 SHOP and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for SHOP 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 SHOP and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long SPOT Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of SPOT. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zL9Js54z9TP2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zMyZxyTzKus4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: Gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td id="xdx_49F_20251031__20251031__dei--LegalEntityAxis__custom--S000096604Member__oef--ClassAxis__custom--C000265499Member_z1BOVKkE5K39" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zl3rzCHy9l48" style="background-color: White"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: top">Management Fees1</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSZU8KyWigTd" style="background-color: Gainsboro"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: top">Distribution and/or Service (12b-1) Fees</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zNImisi2up1i" style="background-color: White"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: top; width: 84%">Other Expenses2</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z9bPPQCVZw3a" style="background-color: Gainsboro"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses3</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.75%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in">1</td> <td style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zp6rBVi650G6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zK7brGEPzL16" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zhJct25BbMXe" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_485_eoef--ExpenseExampleYear03_zQlb0i6E7u36" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_412_20251031__20251031__dei--LegalEntityAxis__custom--S000096604Member__oef--ClassAxis__custom--C000265499Member_z8fGxhmBXU5a" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of SPOT, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in SPOT that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing SPOT stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which SPOT is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which Spotify Technology S.A. is assigned). As of the date of this prospectus, SPOT is assigned to the media and entertainment 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 SPOT. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to SPOT is consistent with the Fund’s investment objective. The impact of SPOT’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of SPOT has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of SPOT has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 – 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Spotify Technology S.A., a Luxembourg based company, provides audio streaming subscription services worldwide. Spotify Technology S.A. (SPOT) is a foreign private issuer registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by Spotify Technology S.A. pursuant to the Exchange Act can be located by reference to the SEC file number 001-38438 through the SEC’s website at www.sec.gov. In addition, information regarding Spotify Technology S.A. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to SPOT or other securities offered hereby and does not relate to the shares of SPOT or other securities of SPOT. The Fund has derived all disclosures contained in this document regarding Spotify Technology S.A. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Spotify Technology S.A. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SPOT have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Spotify Technology S.A. could affect the value of the Fund’s investments with respect to SPOT and therefore the value of the Fund. 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 SPOT’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SPOT during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how SPOT volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) SPOT volatility; b) SPOT performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) dividends or interest paid with respect to SPOT. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to SPOT; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from 200% of the performance of SPOT. During periods of higher SPOT volatility, the volatility of SPOT may affect the Fund’s return as much as, or more than, the return of SPOT. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of SPOT during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if SPOT provided no return over a one year period during which SPOT experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if SPOT’s return is flat. For instance, if SPOT’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of SPOT and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of SPOT. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">100%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-86.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-82.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-76.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-70.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-55.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-47.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-37.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-27.9%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-17.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td></tr> </table> The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 49.73%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 66.07% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 24.16%. Historical volatility and performance are not indications of what the Underlying Security’s volatility and performance will be in the future. Volatility for a shorter period of time may have been substantially higher. 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 SPOT will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in SPOT, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if SPOT subsequently moves in the opposite direction and eliminates all or a portion of its earlier daily change. A total loss may occur in a single day even if SPOT does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with SPOT and may increase the volatility of the Fund. 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. Spotify Technology S.A. 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. As of the date of this prospectus, in addition to the risks associated with companies in the media and entertainment industry, SPOT is subject to many risks that can negatively impact its revenue and viability including, but are not limited to significant competition for users, their time, and advertisers; attracting prospective users, retaining existing users, and effectively monetizing its products and services; risks associated with its international operations; new products or services may not be successful and the company’s emphasis on long-term user engagement could adversely affect business, operating results, and financial conditions; the company incurred significant operating losses in the past, and may not be able to generate profit or positive cash flow on a sustained basis; evolving industry trends in digital advertising may pose challenges for its ability to forecast or optimize its advertising inventory; potential disputes or liabilities associated with content made available on its platform; dependence on third-party licenses for most of the streaming content and an adverse change to, loss of, or claim that it does not hold any necessary licenses could materially affect its business; and complexities with its royalty payment system. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of SPOT and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of SPOT. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the SPOT through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of SPOT moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of SPOT at the market close on the first trading day and the value of SPOT at the time of purchase. If SPOT rises in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if SPOT declines in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or SPOT 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 prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to SPOT and therefore achieve its daily leveraged investment objective. The Fund’s exposure to SPOT is impacted by SPOT’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to SPOT at the end of each day. The possibility of the Fund being materially over- or under-exposed to SPOT increases on days when SPOT is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) SPOT. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired correlation with SPOT. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to SPOT. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of SPOT. Any of these factors could decrease the correlation between the performance of the Fund and SPOT and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which Spotify Technology S.A. is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which Spotify Technology S.A. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, SPOT is assigned to the media and entertainment industry. Media and Entertainment Industry Risk. Companies in the media and entertainment industry may be impacted by the high costs of research and development of new content and services in an effort to stay relevant in a highly competitive industry, and entertainment products may face a risk of rapid obsolescence. Media and entertainment companies are subject to risks that include cyclicality of revenues and earnings, changing tastes and topical interests, and decreases in the discretionary income of their targeted consumers. The media and entertainment industry is regulated, and subject to changes in the rules regarding advertising and the content produced by entertainment companies can increase overall production and distribution costs. Companies in the media and entertainment industry have at times faced increased regulatory pressure which has delayed or prohibited the release of entertainment content. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. Spotify Technology S.A. is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Spotify Technology S.A. and make no representation as to the performance of SPOT. Investing in the Fund is not equivalent to investing in SPOT. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to SPOT. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 SPOT. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that SPOT value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in SPOT. Under such circumstances, the market for SPOT may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of SPOT and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for SPOT and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of SPOT and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long TEM Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of TEM. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zojLVmfhc7S6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zY1vtvTIwXAa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: Gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td id="xdx_49F_20251031__20251031__dei--LegalEntityAxis__custom--S000096605Member__oef--ClassAxis__custom--C000265500Member_zNlw6k0hpCp5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zMWWazMP5vig" style="background-color: White"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: top">Management Fees1</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIsjEllUd1ej" style="background-color: Gainsboro"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: top">Distribution and/or Service (12b-1) Fees</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_ztTNxNSzQIbb" style="background-color: White"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; text-align: left; vertical-align: top; width: 84%">Other Expenses2</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_ztBgCbaKvqeg" style="background-color: Gainsboro"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses3</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.75%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in">1</td> <td style="vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSUaZd3WO9hc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zHxYfyVvv1yb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zrm7IYjFEuIj" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zxrp2jQRNJNc" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_41E_20251031__20251031__dei--LegalEntityAxis__custom--S000096605Member__oef--ClassAxis__custom--C000265500Member_z1bmR255iEA9" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of TEM, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in TEM that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing TEM stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which TEM is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which Tempus AI, Inc. is assigned). As of the date of this prospectus, TEM is assigned to the pharmaceuticals 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 TEM. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to TEM is consistent with the Fund’s investment objective. The impact of TEM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TEM 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 TEM 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 collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 – 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Tempus AI, Inc. is an American healthcare technology company that utilizes artificial intelligence (“AI”) to advance precision medicine. The common stock of Tempus AI, Inc. (TEM) 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 (“SEC”) by Tempus AI, Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-42130 through the SEC’s website at www.sec.gov. In addition, information regarding Tempus AI, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of TEM or other securities of TEM. The Fund has derived all disclosures contained in this document regarding Tempus AI, 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 Tempus AI, 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 TEM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Tempus AI, Inc. could affect the value of the Fund’s investments with respect to TEM 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 TEM’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TEM during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how TEM 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) TEM volatility; b) TEM 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 TEM. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to TEM; (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 TEM. During periods of higher TEM volatility, the volatility of TEM may affect the Fund’s return as much as, or more than, the return of TEM. 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 TEM 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 TEM provided no return over a one year period during which TEM 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 TEM’s return is flat. For instance, if TEM’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 TEM 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 TEM. 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="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center">100%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-86.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-82.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-76.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-70.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-63.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-55.5%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-47.0%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-37.8%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-27.9%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-17.2%</td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center">-5.8%</td></tr> </table> As of the date of this Prospectus, the Underlying Security has not yet traded publicly on a listing exchange for a one-year calendar period and, therefore, does not have an annualized historical volatility rate or total return performance available to report. When available, historical volatility and performance are not indications of what the Underlying Security volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of the Underlying Security may differ from the volatility of the Underlying Security. Given that TEM recently commenced trading, there is limited data on which investors can evaluate the security. 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 TEM 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 TEM, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if TEM 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 TEM does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with TEM 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. Tempus AI, Inc. 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. As of the date of this prospectus, in addition to the risks associated with companies in the pharmaceuticals and biotechnology industry, TEM is subject to many risks that can negatively impact its revenue and viability including, but are not limited to the company’s significant losses since inception, which may continue in the future; the company’s ability to generate sufficient revenue to achieve and maintain profitability; current or future products may not achieve or maintain sufficient commercial market acceptance; the company may need to raise additional capital to fund existing operations, develop its platform, commercialize new products or expand its operations; the success of the business is dependent on the company’s ability to monetize, de-identified patient data, the company’s diagnostic products could have defects or errors or otherwise fail to meet the expectations of patients, physicians and third-party payers; the possibility that third-party payers, including commercial payers and government healthcare programs, do not provide coverage of, or adequate reimbursement for, or reverse or change their policies related to the company’s products or services; the use AI in its products and services which may result in operational challenges, legal liability, reputational concerns and competitive risks; international expansion of its business exposes the company to business, regulatory, political, operational, financial, and economic risks; and the company conducts its business in a heavily regulated industry. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of TEM and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of TEM. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the TEM through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of TEM moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Artificial Intelligence Risk. TEM utilizes AI to advance precision medicine. Companies engaged in AI and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. AI and big data companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and big data companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis. The customers and/or suppliers of AI and big data companies may be concentrated in a particular country, region, industry or sector. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of TEM at the market close on the first trading day and the value of TEM at the time of purchase. If TEM rises in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if TEM declines in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or TEM 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 prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to TEM and therefore achieve its daily leveraged investment objective. The Fund’s exposure to TEM is impacted by TEM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TEM at the end of each day. The possibility of the Fund being materially over- or under-exposed to TEM increases on days when TEM 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) TEM. 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 TEM. 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 TEM. 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 TEM. Any of these factors could decrease the correlation between the performance of the Fund and TEM and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which Tempus AI, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which Tempus AI, Inc. is assigned). A portfolio concentrated in a particular industry or sector may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, TEM is assigned to the pharmaceuticals, biotechnology industry. Pharmaceuticals and Biotechnology Industry Risk. The risks of investments in the pharmaceuticals and biotechnology industry include heavy dependence on patents and intellectual property rights, with profitability affected by the loss or impairment of such rights; risks of new technologies and competitive pressures; large expenditures on research and development of products or services that may not prove commercially successful or may become obsolete quickly; regulations and restrictions imposed by the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities; and thin capitalization and limited product lines, markets, financial resources or personnel. Moreover, stock prices of pharmaceuticals and biotechnology companies are very volatile, particularly when their products are up for regulatory approval and/or under regulatory scrutiny. The pharmaceuticals and biotechnology industry may also be affected by risks that affect the broader health care industry, including heavy dependence on patent protection, with profitability affected by the expiration of patents; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounts; expenses and losses from extensive litigation on product liability and similar claims; and thin capitalization and limited product lines, markets and financial resources or personnel. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. Tempus AI, 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 Tempus AI, Inc. and make no representation as to the performance of TEM. Investing in the Fund is not equivalent to investing in TEM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to TEM. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 TEM. 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 TEM value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in TEM. Under such circumstances, the market for TEM 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 TEM and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for TEM 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 TEM and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 Leverage Shares 2X Long GEMI Daily ETF Investment Objective The Fund is an exchange traded fund (“ETF”) that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of GEMI. 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 The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z6nojDSPw9h7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zSSgpGuKg9Bh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49E_20251031__20251031__dei--LegalEntityAxis__custom--S000096597Member__oef--ClassAxis__custom--C000265492Member_zeLd8r8FYxn3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zyD5QrR08Qth" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left">Management Fees1</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z2HRyJlOQuu8" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left">Distribution and/or Service (12b-1) Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zfSvUdChSeGd" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; width: 84%; text-align: left">Other Expenses2</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zf3nt5Md4dB4" style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses3</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">0.75%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">1</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">2</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">3</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">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.</td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example The following example is intended to help retail investors compare the cost of investing in the Fund with the cost of investing in other funds. It illustrates the hypothetical expenses that such investors would incur over various periods if they were to invest $10,000 in the Fund for the time periods indicated and then redeem all of the Shares at the end of those periods. This example assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvIqxXA25hIg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zMoOEHTLsq6a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zJTKcvHNGK15" style="vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zbSqZH27lsd1" style="vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td></tr> <tr id="xdx_415_20251031__20251031__dei--LegalEntityAxis__custom--S000096597Member__oef--ClassAxis__custom--C000265492Member_ztCPYxXlJt8" style="vertical-align: bottom; background-color: Gainsboro"> <td style="width: 49%; text-align: center">$77</td> <td style="width: 1%"> </td> <td style="width: 49%; text-align: center">$242</td></tr> </table> 77 242 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. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies of the Fund The Fund is an actively managed ETF. The Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying Security and financial instruments with economic characteristics that, in combination, provide 200% daily leveraged exposure to the price of GEMI, consistent with the Fund’s investment objective. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on an investment by the Fund in GEMI that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing GEMI stock. Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money call option contracts, or simultaneously buy an at-the-money call option contract and sell an at-the-money put option contract (a strategy generally referred to as synthetic forward). All option contracts bought and sold will be against the Underlying Security. The Fund will pay the premium for each call option contract bought and receive the premium for each put option sold. The Fund’s participation in potential changes in the price of the Underlying Security is based on the price of the Underlying Security at the time the Fund buys the call and sells the put option contracts, the strike price of the call (put) option contract and the Underlying Security price at the time of the contract’s expiration. The maturity of the option contract bought and sold may vary from 1-week to 1-month. As part of the Fund’s strategy, the Fund may buy a combination of standardized exchange-traded and FLexible EXchange® (“FLEX”) call and put options contracts that are based on the value of the price returns of the Underlying Security. The Fund will only buy and sell options contracts that are listed for trading on regulated U.S. exchanges. Traditional exchange-traded options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC. In general, an option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying (in this case, the Underlying Security) the option at a specified exercise price. An option is said to be European Style when it can be exercised only at expiration whereas an American Style option can be exercised at any time prior to expiration. The Fund may use either European or American style options. As a result of its investment strategy, the Fund will be concentrated in the industry to which GEMI is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which Gemini Space Station, Inc.is assigned). As of the date of this prospectus, GEMI is assigned to the financial services 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 GEMI. At the close of the markets each trading day, Themes Management Company, LLC (the “Adviser”) rebalances the Fund’s portfolio so that its exposure to GEMI is consistent with the Fund’s investment objective. The impact of GEMI’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of GEMI 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 GEMI 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 collateral for its derivative positions. For this purpose, the Fund may invest in money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The Fund is expected to allocate between 25 – 50% of its assets as collateral for swap agreements or as premiums for purchased options contracts. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the 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 considered to be non-diversified. 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. Gemini Space Station, Inc. provides a comprehensive platform for its users to engage with the crypto economy, including a derivatives exchange, staking services, an over-the-counter (“OTC”) trading desk, institutional-grade custody, a New York Department of Financial Services-regulated stablecoin, a U.S. credit card, and a Web3 studio for NFTs. Gemini supports a variety of crypto assets on its platform, including bitcoin, ether, and stablecoins. The common stock of Gemini Space Station, Inc. (GEMI) 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 (“SEC”) by Gemini Space Station, Inc. pursuant to the Exchange Act can be located by reference to the SEC file number 001-42836 through the SEC’s website at www.sec.gov. In addition, information regarding Gemini Space Station, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. This document relates only to the securities offered hereby and does not relate to the shares of GEMI or other securities of GEMI. The Fund has derived all disclosures contained in this document regarding Gemini Space Station, 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 Gemini Space Station, 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 GEMI have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Gemini Space Station, Inc. could affect the value of the Fund’s investments with respect to GEMI 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’s 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. An investment in the Fund entails risk. 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. Additionally, the Fund presents risks that are not traditionally associated with other mutual funds and ETFs. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield or total return. For more information about the risks of investing in the Fund, see the section in the Fund’s prospectus entitled “Additional Information about the Principal Risks of Investing in the Funds.” Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. 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. 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 GEMI’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of GEMI during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how GEMI 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) GEMI volatility; b) GEMI 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 GEMI. The chart below provides examples of how volatility and its return could affect the Fund’s performance. The chart shows estimated Fund returns for a number of combinations of volatility and performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to GEMI; (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 GEMI. During periods of higher GEMI volatility, the volatility of GEMI may affect the Fund’s return as much as, or more than, the return of GEMI. 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 GEMI 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 GEMI provided no return over a one year period during which GEMI 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 GEMI’s return is flat. For instance, if GEMI’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 GEMI 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 GEMI. 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="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; vertical-align: bottom; text-align: center">One Year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">200% One Year</td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">Volatility Rate</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 20%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">75%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-90.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-85.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-79.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-72.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-63.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-53.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-43.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-31.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-18.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-3.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">11.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">28.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: middle; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: #92D050; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">45.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: middle; background-color: red; text-align: center">-5.8%</td></tr> </table> As of the date of this Prospectus, GEMI has not yet traded publicly on a listing exchange for a one-year calendar period and, therefore, does not have an annualized historical volatility rate or total return performance available to report. When available, historical GEMI volatility and performance are not indications of what GEMI volatility and performance will be in the future. The volatility of U.S. exchange-traded securities or instruments that reflect the value of GEMI may differ from the volatility of GEMI. 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 GEMI 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 GEMI, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if GEMI 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 GEMI does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with GEMI 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. Gemini Space Station, Inc. 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. As of the date of this prospectus, in addition to the risks associated with companies in the financial services industry, GEMI may be subject to the following: potential slowing or stopping of the development or acceptance of blockchain networks and blockchain-based assets could have a material adverse effect on the successful development and adoption of GEMI’s business; The future development and growth of the digital asset industry is subject to a variety of factors that are difficult to predict and evaluate; GEMI’s operating results have and will significantly fluctuate, due to inherent volatility associated with the digital asset industry including, but not limited to, the price of digital assets, regulatory scrutiny of certain digital assets or related products and services, or changes in applicable laws; GEMI’s total revenue is substantially dependent on the volume of digital asset transactions conducted on its platform, which is in turn significantly affected by the prices of digital assets; if such prices or volumes decline, GEMI’s business, operating results, and financial condition would be adversely affected and the price of its Class A common stock could decline; net revenue is concentrated in a limited number of areas; for its digital asset exchanges, a meaningful concentration of revenue is from transactions in Bitcoin, Ether and Solana; if revenue from these areas declines and is not replaced by new trading in other digital assets or demand for other products and services, GEMI’s business, operating results, and financial condition could be adversely affected; a significant amount of the trading volume on the platform is derived from a relatively small number of institutional market makers, and the loss of these market makers, or a reduction in their trading volume, could have an adverse effect on GEMI’s business, operating results, and financial condition; operating expenses may increase in the future; any failure to safeguard and manage GEMI’s and its users’ fiat currencies and digital assets could adversely impact its business, operating results, and financial condition; potential cyber breaches could adversely impact GEMI’s brand, reputation and operating results; GEMI operates in a highly competitive industry and competes against unregulated or less regulated companies; GEMI also faces competition from decentralized exchanges and decentralized autonomous organizations, which may be able to innovate faster and offer products and services that GEMI does not offer; GEMI’s business, operating results, and financial condition may be adversely affected if we are unable to respond to competition effectively; and GEMI relies on third-party service providers for certain aspects of our operations, and any interruptions in services provided by these third parties may impair GEMI’s ability to support its users. Gemini commenced its initial public offering (“IPO”) on September 12, 2025. The market value of shares issued in an IPO may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company’s business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. Accordingly, investments in shares of a company that recently commenced an IPO involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in shares of a company that recently commenced an IPO may also involve high transaction costs and are subject to market risk and liquidity risk. Any of these factors may materially and adversely impact the price of GEMI, increase the volatility of an investment in GEMI and have a negative impact on the performance of the Fund. 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 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. Swap Agreements. 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 ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of GEMI and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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 are entered into primarily with major global 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 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. Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of GEMI. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the GEMI through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of GEMI moves against its positions, potentially resulting in a complete loss of the premium paid. Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Fund losing money or not being able to meet its daily leveraged investment objective. In addition, because the Fund may enter into swap agreements with a limited number of counterparties, this increases the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. The risk that no suitable counterparties will enter into or continue to provide swap exposure to the Fund may be increased when there is significant market volatility. Blockchain Risk. Blockchain companies may be adversely impacted by government regulations or economic conditions. Blockchain technology is new and its uses are in many cases untested or unclear. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a company’s hardware or services may increase as the spot price of digital assets increase. Blockchain companies typically face intense competition and potentially rapid product obsolescence. In addition, many blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a result of the efforts of a third party, could irrevocably impair a claim to the digital assets stored on that blockchain. Many blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some blockchain companies. For example, restrictions imposed by foreign governments, including China, on the use and mining of digital assets, may adversely impact blockchain companies and in turn the Fund. These companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Blockchain companies involved in digital assets may face slow adoption rates and be subject to higher levels of regulatory scrutiny in the future, which could severely impact the viability of these companies. blockchain companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. The customers and/or suppliers of blockchain companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on blockchain companies. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Intraday Investment Risk. The intraday performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of GEMI at the market close on the first trading day and the value of GEMI at the time of purchase. If GEMI rises in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if GEMI declines in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Therefore, an investor that purchases shares intraday may experience performance that is greater than, or less than, the Fund’s stated investment objective. If there is a significant intraday market event and/or GEMI 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 prior to the close of trading on the Exchange (defined below) and experience significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to GEMI and therefore achieve its daily leveraged investment objective. The Fund’s exposure to GEMI is impacted by GEMI’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to GEMI at the end of each day. The possibility of the Fund being materially over- or under-exposed to GEMI increases on days when GEMI 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) GEMI. 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 GEMI. 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 GEMI. 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 GEMI. Any of these factors could decrease the correlation between the performance of the Fund and GEMI and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Concentration Risk. The Fund will be concentrated in the industry to which Gemini Space Station, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide long exposure to the industry to which Gemini Space Station, Inc. is assigned). A portfolio concentrated in a particular industry or sector may present more risks than a portfolio that is broadly diversified over several industries. As of the date of this prospectus, GEMI is assigned to the financial services industry. Financial Services Industry 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. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial industry 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 industry. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments 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. Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund and/or the Fund’s service providers, including the Adviser, market makers, Authorized Participants or the issuers of securities in which the Fund invests, have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Adviser, other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests. 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. 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. Indirect Investment Risk. Gemini Space Station, 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 Gemini Space Station, Inc. and make no representation as to the performance of GEMI. Investing in the Fund is not equivalent to investing in GEMI. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to GEMI. 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. Repurchase Agreements Risk. The Fund may enter into repurchase agreements. In a repurchase agreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the risk that the party that sells the security may default on its obligation to repurchase it. The Fund may lose money if it cannot sell the security at the agreed-upon time and price or the security loses value before it can be sold. ETF Risks. The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks: Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as 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 of the Fund 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. Costs of Buying or Selling Shares of the Fund. Due to the costs of buying or selling shares of the Fund, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares of the Fund may significantly reduce investment results and an investment in shares of the Fund may not be advisable for investors who anticipate regularly making small investments. Shares of the Fund May Trade at Prices Other Than NAV. As with all ETFs, shares of the Fund may be bought and sold in the secondary market at market prices. The price of shares of the Fund, like the price of all traded securities, will be subject to factors such as supply and demand, as well as the current value of the Fund’s portfolio holdings. Although it is expected that the market price of the shares of the Fund will approximate the Fund’s NAV, there may be times when the market price of the shares is more than the NAV intraday (premium) or less than the NAV intraday (discount). This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Trading. Although shares of the Fund are listed for trading on a national securities exchange, such as The NASDAQ Stock Market LLC (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares of the Fund will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares of the Fund may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares of the Fund, and this could lead to differences between the market price of the shares of the Fund and the underlying value of those shares. Early Close/Trading Halt Risk. The risk that an exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. The ability to trade certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell certain securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Cash Transaction Risk. The Fund will generally effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and will incur brokerage and financing costs related to buying and selling securities or obtaining derivative exposure to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund will 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, including gaining exposure to the underlying reference asset through the use of swaps, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders and were ineligible to or were not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. New Adviser Risk. Although the Adviser’s principals and the Fund’s portfolio manager have experience managing investments in the past, the Adviser is a newly formed entity and has limited experience managing investments for an ETF, which may impact the Adviser’s effectiveness. 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. Non-Diversification Risk. The Fund is considered to be non-diversified. 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. The Fund is considered to be non-diversified. 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. Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. 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 GEMI. 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 GEMI value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in GEMI. Under such circumstances, the market for GEMI 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 GEMI and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for GEMI 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 GEMI and correlated derivative instruments. Portfolio Turnover Risk. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher. Fund Performance Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. In the future, performance for the Fund will be presented in this section. Updated performance information will be available on the Fund’s website at www.ThemesETFs.com or by calling the Fund toll-free at 1-866-5Themes (1-866-584-3637). Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus. www.ThemesETFs.com 1-866-584-3637 The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (as defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment advisory agreement provides that the Fund’s investment adviser will pay substantially all expenses of the Fund, except for the fee paid to the Adviser (defined below) pursuant to the investment advisory agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. Estimated for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.