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achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zaGTXHziutD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zLKJLeDgYebe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zbPTXz2OAujj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_497_20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member__oef--ClassAxis__custom--C000270391Member_zvezn6x5JrM5" 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_407_eoef--ManagementFeesOverAssets_dpn_zl0puxQBrPei" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F42_z9y27eKWiLK3">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6KCw8O8VfVg" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zDnb95hzLER" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F45_zGkUHv7b6sTg">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zPbYn2MC9Pj1" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F43_zWfb5LFqQghg">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F08_zCsPEefICcf3">1</sup> </td> <td id="xdx_F18_znmBsf9S7r12" 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"><sup id="xdx_F0B_zbzW2KclBv24">2</sup> </td> <td id="xdx_F19_zvdhliLqbBV7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member_zZvHj4Ulx1gi">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F0A_z7zl12jo96E3">3</sup> </td> <td id="xdx_F1B_zZdFZy6nGLPi" 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 <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zFzgGHlX0Q75" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_908_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member_zSgcTEMSyjdj">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zefM9qKbGewl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zzYottj3pQI7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_zgq06HVprZz4" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zOtCynxU9EX6" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_410_20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member__oef--ClassAxis__custom--C000270391Member_zyH6Eyx1YVLg" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_z2XVCpiDSKt" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zx4ipyoE4w6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 inverse exposure to the price of the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depending on market conditions, market liquidity and operational constraints, the Fund may either buy deep in-the-money put option contracts, or simultaneously sell an at-the-money call option contract and but 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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide inverse leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the utilities industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security has fallen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of the Underlying Security has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Oklo Inc. designs and develops fission power plants to provide reliable and commercial-scale energy to customers in the United States. The common stock of Oklo Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40583 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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 decreases over a period longer than a single day.</b></p> <p id="xdx_A83_eoef--RiskTextBlock_zEpISXnNX7oi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zCvB5X9JkT34">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zLQLaCyhb6B3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily inverse 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 the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain leveraged short 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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. 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 Short Correlation Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>-200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></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"><span style="font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%; text-align: center"><span style="font-size: 10pt"><b>Return</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>25%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>50%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>75%</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>100%</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">120%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">506.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">418.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">195.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">15.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-68.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">-50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">100%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">288.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">231.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">88.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-26.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-80.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">80%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">169.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">130.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">31.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-48.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-86.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">-30%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">98.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">69.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-3.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-62.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-89.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">51.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">29.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-26.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-71.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-92.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">-10%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">2.3%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-41.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-77.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-93.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-3.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-17.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-52.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-81.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-95.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">10%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-20%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-19.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-31.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-61.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-84.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-95.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">20%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-40%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-32.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-42.4%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-67.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-87.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-96.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">30%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-60%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-42.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-50.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-72.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-89.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-97.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">40%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-80%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-50.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-57.7%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-75.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-90.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: red; text-align: center"><span style="font-size: 10pt">-97.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-100%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-56.9%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-63.2%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-79.0%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-91.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-97.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt">60%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">-120%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-62.1%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-67.6%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-81.5%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-92.8%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #92D050; text-align: center"><span style="font-size: 10pt">-98.1%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate since inception of trading on July 7, 2021 through the period ended December 31, 2024 (the “Period”) was 69.87%. The Underlying Security’s highest volatility rate for any one calendar year during the Period was 130.00% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 20.71%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b>Inverse Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing inverse leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize inverse leverage. An investment in the Fund is exposed to the risk that an increase in the daily performance of the Underlying Security will be magnified due to the Fund’s leveraged inverse exposure. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily increase in the Underlying Security, 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 increase of more than 50% in the value of the Underlying Security. This would result in a total loss of a shareholder’s investment in one day even if the Underlying Security 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 the Underlying Security does not lose all of its value. Inverse leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OkloIncInvestingRiskMember_zLFwB7bvZG1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Oklo, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the utilities industry, OKLO faces risks that include, but are not limited to: it has not constructed any powerhouses or entered into any binding contract with any customer to operate a plant or deliver electricity or heat, and there is no guarantee that it will be able to do so in the future; it has limited experience in building and operating commercial nuclear power plants or plants that directly provides customers heat or power; powerhouses are expected to rely on high-assay low-enriched uranium (HALEU) and the company’s inability to access HALEU or recycled waste fuel will adversely affect its ability to manufacture fuel and to produce power; and it relies on a limited number of suppliers for certain materials and components and it may not be able to obtain sufficient materials to meet its manufacturing and operating needs. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-40583, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zw1PFJnOoWD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ziLTummyanfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zq6tERmZUJB" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zllkdC0hwplf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyShortCorrelationRiskMember_z5Yzl1SBdgQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Short Correlation Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may have difficulty achieving its daily inverse 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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily inverse leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortingRiskMember_z2qkcS4C646d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Shorting Risk<i>. </i></b>A short position is a financial transaction in which an investor sells an asset that the investor does not own. In such a transaction, an investor’s short position appreciates when a reference asset falls in value. By contrast, the short position loses value when the reference asset’s value increases. Because historically most assets have risen in value over the long term, short positions are expected to depreciate in value. Accordingly, short positions may be riskier and more speculative than traditional investments. In addition, any income, dividends or payments by reference assets in which the Fund has a short position will impose expenses on the Fund that reduce returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will obtain short exposure through the use of swap agreements. To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may be less desirable or more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from a derivative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zL7N4dBNaWV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the utilities industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Utilities Industry Risk.</i> Utility companies include companies producing or providing gas, electricity or water. These companies are subject to the risk of the imposition of rate caps, increased competition due to deregulation, the difficulty in obtaining an adequate return on invested capital or in financing large construction projects counterparty risk, the limitations on operations and increased costs and delays attributable to environmental considerations and the capital market’s ability to absorb utility debt. In addition, taxes, government regulation, domestic and international politics, price and supply fluctuations, volatile interest rates and energy conservation may negatively affect utility companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z5OVch9CNzGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zqwUHprJzmok" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zGS45mA8Hffj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zKAGYIK0aTz4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zcgB1SlCqHV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zRYYlJ5mlRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zrJ9S2I9Xrwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zlP6boBnCPhj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zqwkkSwlEd7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z0uz0FjEySC6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z4U0ZCPAhGYb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zO8n6eLHmMHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zS4S5Ip1Dsna" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_908_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z2GM2SmYTk9c">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zHN2vZGpJF8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zD5PFREC4652" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z68SvVf1TUHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zrfs0U7bayDi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member_zv4284LRt3Bc">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member_zeQleKitdkDk">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100567Member_zdmIydncTNz1">1-866-584-3637</span>).</span></p> 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 CRML Daily ETF Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zIZ5GLMp2ep8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 common stock of CRML. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zMfeBa184ZJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zEkJqZkuYoOh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zwoW7zHTwmkj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49E_20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member__oef--ClassAxis__custom--C000270358Member_zy3quU9nMWJ6" 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_407_eoef--ManagementFeesOverAssets_dpn_zxSn0pEiHgY7" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F49_zJErz45keGgd">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zyNknkfWT0Xa" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z8wxz6KUPBHl" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F48_zdt6ytXfztc5">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_z1mqkqJYudm9" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F48_z8kxR2Ntj7r5">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F07_zdkfdTjKkoEi">1</sup> </td> <td id="xdx_F12_zTwz1lL5fS7b" 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"><sup id="xdx_F0B_zJB1t3V0mZ21">2</sup> </td> <td id="xdx_F1F_zQOTyYs8zgG2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member_zkcacBYBzlq4">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F05_zBPfY6y9qNTe">3</sup> </td> <td id="xdx_F11_z6sa6VZdwDT3" 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 <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zNNMlIUtkQK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member_ze2Ngioxv1h2">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zccyULUzxXEl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zjybnYvVzfQ7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zWG0vsgXIRW1" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_z1kZMyC5eSCb" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_410_20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member__oef--ClassAxis__custom--C000270358Member_zl1UjyuzbWr7" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_z5riNrGYlfQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zADFcqapNWA4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the metals and mining industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Critical Metals Corp. is a mining development company focused on acquiring, exploring, and developing critical metals and minerals that are essential for electrification, clean energy technologies, and defense applications. The common stock of Critical Metals Corp. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41973 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A88_eoef--RiskTextBlock_zK4l4LR7T7o2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_900_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z8Nyxm0tGs5f">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z1qnSgWsIPDd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate since inception of trading on February 7, 2022 through the period ended December 31, 2024 (the “Period”) was 108.56%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 184.80% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -11.92%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z0ArCgC0vxv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CriticalMetalsCorpInvestingRiskMember_zQo7bzDqMwW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Critical Metals Corp. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the metals and mining industry, CRML faces risks that include, but are not limited to: substantial doubt regarding its ability to continue as a going concern absent additional financing; dependence on the successful negotiation and execution of binding offtake or sales agreements on commercially viable terms, which may not occur or may not result in favorable market outcomes; significant domestic and global competition; limited experience of its current management team operating a U.S. public company and delays in recruiting additional experienced personnel due to capital constraints; increased costs and administrative burdens associated with being a public company; and identified material weaknesses in internal control over financial reporting, including deficiencies related to segregation of duties, related-party transactions, accounting for payables, taxes, complex financial instruments, and cybersecurity, with no assurance that additional deficiencies will not be identified. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41973, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNUj4fyJmKPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zagqkqt6ZPag" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zeIy6tjHnlj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zVglRMcFLvkj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zNKt5O5ik6t2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zQ6IvVGcjPYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the metals and mining industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Metals and Mining Industry Risk.</i> Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Risks of metals and mining investments include changes in international monetary policies or economic and political conditions that can affect the supply of precious metals and consequently the value of metals and mining company investments; new laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z9Z6iv77cBq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zWKgIttm5OH6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_ziIoic3uZ8ah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zemoQ8CqJ4C3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zokVe4SiOgDd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zaV7QeRAl86k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zP6CQjSSJqAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zQyDKq2TeR6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zEewetNcNDVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zrDiFrKnrBNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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 AP, the Fund will bear such costs, which will decrease the Fund’s net asset value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zQqs7tyn1dL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zijaYe3McSb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zNIpUoxpe4xh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_90F_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zslsOGVNIick">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zgnKDLHyuGAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z0ZyB3ttH2bg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zCoeL1wbPsjg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zDalRsYfTxs1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_906_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member_zJDnxwCQSkXg">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member_z3EDdfchVmPh">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100534Member_zxzDASyiC7fi">1-866-584-3637</span>).</span></p> 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 USAR Daily ETF Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_ziqQCOsnKEW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 USAR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_z4TtbcJjgbAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zxn4ifMCP88"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zSknO6qXwiy5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_497_20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member__oef--ClassAxis__custom--C000270385Member_zFFN0RiNglY9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zn87GwYySjp2" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F48_zDlG73T3hj8j">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPqlpM38OGSc" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zu2v0w0XJSt5" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4A_zHkpqKiDehGa">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_za7Pdk1FovGb" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F44_za6wawPa0as7">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F02_zlGV7yydzg48">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1C_zKPMel4CYtSg" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0C_zi0QCoOT4dZi">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_zl8ooXJhyKt9" style="-sec-ix-redline: true"><span id="xdx_901_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member_z49nKCzgKxa7">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F05_zUttY2FPF4Ve">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F15_z8fhdBBaWphe" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zAEHFZ77aKkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_903_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member_zpvKEw9Lrlp2">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIAL5bzRBCJi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z5kwfuUsfsFd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zivJIyhnYWm9" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_z2ffjWzDaY4d" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_414_20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member__oef--ClassAxis__custom--C000270385Member_zH4vt74Ak0mi" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zLx2r5ymXP72" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zLMXzfuanT99" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the metals and mining industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">USA Rare Earth, Inc. is a vertically integrated critical minerals and magnet technology company focused on developing a fully domestic rare earth supply chain in the United States. The common stock of USA Rare Earth, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41711 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A88_eoef--RiskTextBlock_zlicNCcnw214" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_906_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zg7ZdZr3JId2">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zeLQXrw4hle3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate since inception of trading on July 17, 2023 through the period ended December 31, 2024 (the “Period”) was 22.38%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 27.08% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 6.77%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zyqsGp62vesb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UsaRareEarthIncInvestingRiskMember_ziqTTt3jHez4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>USA Rare Earth, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the metals and mining industry, USAR faces risks that include, but are not limited to: its Stillwater Facility is under development and is not yet completed; it has not commenced producing and selling neo magnets, and has no history in commercial operations and the lack of commercial operations limits the accuracy of any forward-looking forecasts, prospects or business outlook or plans; it may not be able to generate positive cashflow from expected future business operations; until the Round Top Project is capable of satisfying the feedstock needs, if ever, the business is subject to the availability of rare earth oxide and metal feedstock, in quantities and prices that allow it to develop and commercially operate its Stillwater Facility; it may be adversely affected by fluctuations in demand for, and prices of, neo magnets, magnet materials, and necessary feedstock; the Round Top Project is at the exploration stage and the company has not commenced construction or commission of the mine nor related facilities, and the development of the Round Top Project into a producing mine is subject to a variety of risks, any number of which may cause the development of the Round Top Project into a producing mine to not occur, be delayed, or not result in the commercial extraction of minerals; and its recent acquisition of Less Common Metals resulted in a material decrease in its liquidity by spending a significant amount of cash on the purchase. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41711, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zcA0XGE7QQD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z948PBV9TgWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zYWtzTsatcMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zR46Lrmu80p3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zxIB7UfvAsef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zerRdzGmyQvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the metals and mining industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Metals and Mining Industry Risk.</i> Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Risks of metals and mining investments include changes in international monetary policies or economic and political conditions that can affect the supply of precious metals and consequently the value of metals and mining company investments; new laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zK5gR5szsKxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z9vKRKk998v8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zzCaFUlHXool" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zb0eZylzl3l3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z0UTYbM0ALLc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zHofPF3d6ZL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zrePkfgpiyE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zmej6lNWP5p5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zJkBtDLBxnxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z9Kg3Tt2sBSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zc0flLkfOCCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zVn7lVUZObwk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zGhZKxCmNni2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_907_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zXQWOMjA5hKd">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z9P3L1P3I8Vb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zHmAdXSI7zUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zIj8iu5Z5dha" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zPnBumehSRBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member_zH8Juoz6PLfg">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member_zHoxGJ0REwnj">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100561Member_zFDhq5HsY5h4">1-866-584-3637</span>).</span></p> 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 UUUU Daily ETF Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zgQqSi9ag3ci" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 UUUU. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zuPB1moTfW0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zd86uUJpu45k"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zTPuYcN1t5P1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_494_20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member__oef--ClassAxis__custom--C000270386Member_zTbXtbH9dOdf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zz4rQkZ1SyBk" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F46_zKgdrHVPjUIe">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIN5DMp115mg" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zT17K0txpM0b" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4D_zMAKrB8iUAg6">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zKieMWzDUYEf" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4D_zvamTOChkLw9">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0D_zNa91HesZd59">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1F_zn1tjp8UtBAk" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F06_z3qkdVD9Ghek">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F17_z5848E89CkN9" style="-sec-ix-redline: true"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member_z8OC5J9x104i">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F07_zLHVIkV48Gvc">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F11_zLuVUNCCmPKl" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zQ8nN4OUfu7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member_z9fdP984ULja">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTK44P7UKoV2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zrdYx0yffHJj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_za8ADco3I8Sb" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zpcMoNAMFID5" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_415_20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member__oef--ClassAxis__custom--C000270386Member_zVH5m1sjiA3f" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zajAsyh9mqXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_z2XioViaxEm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the oil, gas and consumable fuels industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Energy Fuels Inc. is a U.S.-based producer of uranium for the nuclear fuel cycle, rare earth oxides and critical minerals. The common stock of Energy Fuels Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-36204 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A85_eoef--RiskTextBlock_z3dkVuhmOYT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_906_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z5JLXhYW4IXd">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z5IOuZxJuLc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 73.65%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 87.93% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 22.36%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zWmlbFS0ZpU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyFuelsIncInvestingRiskMember_z7qR0tT3Z6Ah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Energy Fuels Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the oil, gas and consumable fuels industry, UUUU faces risks that include, but are not limited to: risks inherent in mineral exploration, development, mining, recovery, and processing activities; operational risks arising from factors such as operating and capital costs, variability in ore grades, equipment and labor availability and costs, labor disruptions, and compliance with government regulations; significant exposure to fluctuations in the market prices of uranium, vanadium, rare earth elements, and heavy mineral sands, which are cyclical and volatile; the risk that certain properties, projects, or facilities may not be economically viable at any time; and extensive environmental, health, safety, and other regulatory requirements at the international, federal, state, and local levels. For specific Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-36204, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z5PviWRGNOie" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zZt1rplVJnki" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zvQIhsBFyqf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zRmlWzKDjbV2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z4qUBC1TNPR3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zi6niOMMEU5c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the oil, gas and consumable fuels industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Oil, Gas and Consumable Fuels Industry Risk.</i> The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zu8wEiPHHJOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zfavrjLMHqzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zBs8JxRRryP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zA7yeLFIu0R7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z382DmrlT4u4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z9UC4nN8nPH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zk8lF7Bvjtjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zgEq2wRti9ye" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zXq0BgsWszu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zAe0I6Rjfyyc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z1MNfnwHZMt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z8O79Mqb3Xzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zkKqhnfrPVL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_909_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z6BQ7CyFxuj3">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z4L4h77u1Ux8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zQ33NZUuFnZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zALHVzFQIbh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zigCtARytTha" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member_zkHVP7gJIbSb">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member_zInWQvrtV7zh">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100562Member_zg3ZzSaFIXi9">1-866-584-3637</span>).</span></p> 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 LAES Daily ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zveuVWp1Ygfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 LAES. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zymwUvN6wkP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zMKCoywjkVh6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zN8naqxKgvzi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49B_20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member__oef--ClassAxis__custom--C000270369Member_z6GniKULpxtf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zUCHw5OE8YAb" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F43_zlcaVESKDLlh">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zdq85yYfUek8" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z3lILH8YpcJ9" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F43_zymFg6V9BnR7">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zh489W8dyKe4" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4F_zVysGhskIqDb">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F06_zYCh5JQ2Eolj">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1A_zm3moPEHUwze" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F06_zsIYLMzyrO21">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F19_z5r54rph2lA6" style="-sec-ix-redline: true"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member_zZiqtz92HQb4">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F04_z6YE8AMyTVcc">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zSMamgbWoZs" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_z4DROnUrDmq" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member_zI4TYs2LJhFh">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3L16WQL5yE9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zHbOBmKqlXxc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zHkt0DgesW26" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zGh578eVhxX3" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_414_20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member__oef--ClassAxis__custom--C000270369Member_zinVbfLKbHHj" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zSu1h7U20hP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zAyQhfQcX6V5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the semiconductor industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">SEALSQ Corp. is a technology company that is focused on the design and development of quantum resistant secure microcontrollers. Microcontrollers are small computers on a single integrated circuit that are used in automatically controlled products and devices, such as automobile engine control systems, implantable medical devices, remote controls, office machines, appliances, power tools, toys, and other embedded systems. The common stock of SEALSQ Corp. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 00141709 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_z9PL3hUDqnH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_906_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zRDsVjeIsEte">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zzgdudP9Ofv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate since inception of trading on May 22, 2023 through the period ended December 31, 2024 (the “Period”) was 216.45%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 225.58% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -36.81%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z9zrHx6yKHGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SealsqCorpInvestingRiskMember_zheYaVtEosMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>SEALSQ Corp. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the semiconductor industry, LAES faces risks that include, but are not limited to: the highly cyclical and competitive nature of the semiconductor industry; adverse macroeconomic conditions that may reduce demand for the company’s products; dependence on customer demand for end-market products, which can result in significant revenue volatility; risks related to the timely development and commercialization of new technologies and products, including quantum-resistant security solutions; and pricing pressure and product price erosion common in the semiconductor industry. In addition, the company’s treasury investments in certain digital assets, including Bitcoin, Ethereum, HBAR, and WeCan Tokens, have experienced and may continue to experience extreme volatility, and the speculative nature of such assets may result in material variability in future financial results not reflected in historical financial statements. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41709, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zAQ1XfpEzt97" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zlMyn7F1PIzl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zj7RyduBatnf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zf1AkrIqB1Je" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zXGCNWuJVCN3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zVmvmrKmOhyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductor industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Semiconductor Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zzkso6Zrtin3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zJUX6ovJZkvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z2WZqZd2b2S7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zgXr7uTKpvU1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zWExorBJNK76" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zcRx4lwEEcTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zPi9Fv4UtNk9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z0mo6SMVj50a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zMGEFw7GQvC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z5SvUKqYFCFg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zrK6uOjLKfCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zLYsJlulNte8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zZnSS0BZfGra" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_908_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zuqjQAAB5uHf">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zoVjtwgGOqaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zBAd8IoSEJj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zytFJptRCrM6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z6PmdQPVhpm" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member_zl6qmZ6EOmXg">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member_z9Kc5TBFeku">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100545Member_z5fWOvlGsWX2">1-866-584-3637</span>).</span></p> 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 BITF Daily ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zVuGxI4XvIP" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 BITF. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_z293OHPrMtK5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z6eGxCMycgk2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zr3lMMk8e0m2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_496_20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member__oef--ClassAxis__custom--C000270379Member_zSbDjWLJYsy" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zSNNFSHEki1h" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F43_z1iVj18ChhFd">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLAVGh9i4Ohe" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zwFPo0vXfgDa" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F40_z3iFuZ4BxXfb">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zHKURmhJD3Xi" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F43_z1E96NGCN9C6">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0A_zyiwCO1vinX9">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F14_zs9tSTblzNR" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F00_ze2H4MdPVtQ9">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F15_zefwLNqB4vld" style="-sec-ix-redline: true"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member_zSM2TDc4wEi2">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F05_znicCBjCYoUl">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F13_zeZc2wKcAdP7" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_z4PHAeHJxaK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90F_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member_zNkAF6qKiet">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zR0xp2KW65k9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zIZHbGyqArOb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zKL9oCrIItAd" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zK7j9AVlpkuc" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_413_20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member__oef--ClassAxis__custom--C000270379Member_zgNnjX7cS4Y9" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zn2F0DnW0cje" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zemFJ57jQNv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitfarms Ltd. is a vertically integrated Bitcoin mining company that develops, owns, and operates data center infrastructure powered primarily by low-cost energy. The company’s operations are focused on Bitcoin mining, while it continues to evaluate opportunities to leverage its infrastructure for alternative high-performance computing and AI-related applications, The common stock of Bitfarms Ltd. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40370 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A8E_eoef--RiskTextBlock_zOFscHoLahRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_900_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zlHpt81xe7Y7">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zmnnmVx3R8nh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 123.73%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 162.65% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 31.30%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zwKBpXHvgHc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitfarmsLtdInvestingRiskMember_zbg1SCiu1enc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Bitfarms Ltd. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the software industry, BITF faces risks that include, but are not limited to: it has a limited operating history; there is uncertainty relating to its evolving business model to stay current with the industry, which may or may not succeed; it is sensitive to the availability of financing opportunities, its economic dependence on regulated terms of service and electricity rate fluctuations; dependency on continued growth in blockchain and cryptocurrency usage; and the speculative and competitive nature of the cryptocurrency industry. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-40370, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zvGuQ29GnOki" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zrJ8CMoC2Tl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zMd9vwMsAD43" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zGyr2MyjyMAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zY2nOCUU9vqg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b>Bitcoin Risk. </b>Investments in the Underlying Security exposures investors to Bitcoin risk, which involves significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to Bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of Bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for Bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined Bitcoin, Bitcoin exchanges, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to Bitcoin-linked investments. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">There is a lack of consensus regarding the regulation of Bitcoin and its markets. As a result of the growth in the size of the Bitcoin markets, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users and digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets may alter, perhaps to a materially adverse extent, the nature of an investment in a digital asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetMiningRiskMember_zysHq4PrdELh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Asset Mining Risk</b>. Blockchains, such as the Bitcoin network, are maintained and secured by a group of validators who “mine” the digital asset. This involves contributing computer power to the network to validate transactions, maintain security, and finalize settlement. As a miner of Bitcoin and other digital assets, the Underlying Security faces risks related to price volatility. Miners are paid in the underlying digital asset, so a drop in the market value of the digital asset would reduce revenue. Higher energy costs require significant electricity to power computers, which is a significant operating expense for miners. In addition, significant investments in mining hardware and equipment are necessary to keep up with industry standards and competitors. Damage to equipment, hijacking of computing resources, malware, and theft of mined digital assets can occur, as can hardware failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zhFDc6NNb9De" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zOdSkttpb7ac" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zk5BGXl78Z9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zsMVJdUUnFOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zx3Dmjm3IqB6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ziXL1O9jXrhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z91cFXuYCssc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zMwZ2hDB3K4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zjktRxAKfSha" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zvDUQ0DuER19" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zd2gqaQbkJRi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zswHKPC5MSfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z6oCqCPaktjj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zhBpNCHBlSR" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zCG0GkM8JKpd">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zeMxCMX9JwQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zt7AnaCcjl2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zpG4Yqc93wY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zSzvlbWfCxD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member_z2JCnMge4H0l">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member_zBt9j2hKlpYi">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100555Member_zMANigc6SHN6">1-866-584-3637</span>).</span></p> 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 ALB Daily ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zJAU5An0QkR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 ALB. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zWN9ebkFBmF1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zDGu93z6d3Mf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zH1CbdLgWiZe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_494_20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member__oef--ClassAxis__custom--C000270357Member_z9S0su1QyEBf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zZ99MHmEugXa" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4E_zy4UzUxklnxl">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlA4WFdrvmo6" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zOUQoLNUo0P4" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F43_zBr4kFfeJvYa">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zyqqaHTwDpxd" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F41_zaHTTu8mI4s8">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F05_zVJqSwDtG0We">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zu7fWLiBW185" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F02_z9QxM0hP81Sf">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zYqaRYyOZoZ6" style="-sec-ix-redline: true"><span id="xdx_90B_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member_zIPbXgpFKWni">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F08_z9pCRkpqo3ri">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zEiGXrblwnl7" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zqN2ySlTXX54" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member_z4eRqa3UR6oj">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQu5EbbWojZ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z2JquNivaWIf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zlc2eLGF5nvb" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zcpaxGNnNIB7" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_418_20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member__oef--ClassAxis__custom--C000270357Member_zu1mU1JFxWRl" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zYF1zM7Xl6J" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zATG3Tk5Ivg2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the chemicals industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Albemarle Corporation is a global specialty chemicals company, with operations in the lithium, bromine, and catalyst markets. The company is a significant supplier of lithium used in energy storage and electric vehicle batteries and produces bromine- and catalyst-based specialty chemicals and additives used in a wide range of applications, including pharmaceuticals, disinfectants, and solutions for food and water safety. The common stock of Albemarle Corporation 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-12658 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A82_eoef--RiskTextBlock_zbXO8HX2xcX1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z20jsoZ5DjB7">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zBSgpYXYpd95" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 53.57%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 61.60% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 3.46%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zLyh6WU5TfD4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlbemarleCorporationInvestingRiskMember_zR7mzaV0P4Ah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Albemarle Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and chemicals industry, ALB faces risks that include, but are not limited to: its ability to secure raw materials and manage energy and input costs, and to pass cost increases through to customers on a timely basis; significant exposure to competition across its lithium, bromine, and catalysts businesses; risks that research and development efforts may not successfully address evolving customer needs or that competitors may develop superior products or technologies; operational hazards inherent in chemical manufacturing and natural resource extraction, which could result in injuries, property damage, production interruptions, or reputational harm; the risk that it may be unable to acquire, develop, or expand economically viable lithium reserves or successfully execute large-scale capital projects; exposure to environmental, health, safety, and other regulatory requirements in multiple jurisdictions; significant sensitivity to fluctuations in lithium and other commodity prices; and the need for substantial cash to service indebtedness and fund capital expenditures, with cash generation dependent on factors beyond the company’s control. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-12658, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z4pftbSNCbL" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zz1vksWzae0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; -sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z7HvEQsdX4Sg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z9gsu6t0A5F3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zIneth0HMrhh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zcGpJ1AYnGZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the chemicals industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Chemicals Industry Risk.</i> The chemicals industry can be significantly affected by intense competition, product obsolescence, raw materials prices, and government regulation, and can be subject to risks associated with the production, handling and disposal of hazardous components, and litigation arising out of environmental contamination.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zVDVBOid519d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zZ3qHXwGsCg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zPWJxygobV3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zvNBhRhQbJrl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zFzLnB2Dyxm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zGtgb4It66t8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zcqi9H1ernHl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zqCu6iY6gU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zf0ZDk5hNsBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zPCePpw3Hjdk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zhs5vfy8fiki" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zbHBM98i8Jt8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z9INMAgR1nJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90D_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z3d427IyG82k">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z9X8oP1Yth69" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zpLPUZWhHFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zIJCpWYDA9F3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_ziNy9ckWxk7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member_zaPpAjZIOOEc">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member_zL8id4rHz3m2">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100533Member_zkX7zFZiEBCk">1-866-584-3637</span>).</span></p> 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 FCX Daily ETF Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zw6R94thp7if" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 FCX. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zb3RmgpZEYk8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zy9aJZpmr3z2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zRFuf72VAzR2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49A_20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member__oef--ClassAxis__custom--C000270361Member_zqpPyIp5QYm7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zl21cCnRosJ2" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4E_zRWChi3DyEYk">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztCokMsN8Xk4" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zxvE8YSeWWDe" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F41_zb0tFVVtFmi6">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zQ6XisOzZt9d" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4D_zQJ6MVXAUnfa">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0F_zWDJSUSkFS1a">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zsxP3jsmhLGd" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F08_zEQMTqWh4Vg7">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zeKZfScvAh52" style="-sec-ix-redline: true"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member_znK4m7OJ48pe">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F02_zIZPRsP7b0Mg">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F14_z9o9euo7e5qi" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zp7eAJGio0kb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member_zfVw811d61Ag">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAHRfuJ3UtG6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zu4sFn3hKJc8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zvkpwCM81QVd" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zAyEJoZJbYAj" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41F_20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member__oef--ClassAxis__custom--C000270361Member_zd94KtcGOU0d" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zdwS67USKdtb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_ziUqJL4DMV06" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the metals and mining industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Freeport-McMoRan Inc. is an international mining company engaged in the exploration, mining, and production of copper, gold and molybdenum. The common stock of Freeport-McMoRan Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-11307-01 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A8E_eoef--RiskTextBlock_z701AwHdDte8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90D_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zLEggPZlYeka">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zp1TxaOcTgoj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 51.24%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 71.72% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 23.60%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zmW4zYOOySCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FreeportmcmoranIncInvestingRiskMember_zG9KcsfrYjH3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Freeport-McMoRan Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the metals and mining industry, FCX faces risks that include, but are not limited to: mining safety issues and catastrophic events inherent in underground and open-pit mining, which could result in fatalities, operational disruptions, litigation, and reputational harm; risks related to regulatory approvals, permitting, and contract extensions, including in Indonesia; potential increases in mandates for domestic processing in Indonesia; potential increases in local processing and refining requirements in certain jurisdictions; significant exposure to fluctuations and extended declines in the market prices of copper, gold, and molybdenum; and operational and technical risks associated with the development and transition to underground mining; and risks related to compliance with extensive environmental, health, and safety laws and regulations in multiple jurisdictions. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-11307-01, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zoukFCDgzG9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zOx1rK8SprJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zud73uQS3B2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zspaeJAjoHXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zxhyU5wOQTNd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zQBu908eaXOi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the metals and mining industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Metals and Mining Industry Risk.</i> Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Risks of metals and mining investments include changes in international monetary policies or economic and political conditions that can affect the supply of precious metals and consequently the value of metals and mining company investments; new laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z7EGQyCoUUGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zI86uOgHws7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zaeNMEXhIT1g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zGGzjyjsFKB6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zPqSu2aVVRDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_znRdzxwn3v81" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zKlH2GQR5Ecg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zjD38gHtx4Re" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zr1t4kv1OBj3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zBpQh1iVjXol" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zHo1cdMrCIXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z6V8jaQCg7j9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_ze7w46aAlVXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_907_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zDWc2bD89Xc">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zUMC7SjCp7hf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zWCTHE3th1jb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zYWiVXvt4seg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zVRwoPTv40p" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_904_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member_z5EOE4KbN6Bc">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member_z2jcZMaLdyE3">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100537Member_zOu5nFYRR0m7">1-866-584-3637</span>).</span></p> 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 ONDS Daily ETF Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zPS6sOj0zFtk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 ONDS. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zqRkLYrVtYS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zgPfkCRGKOfi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zorSZj0gV0U1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_490_20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member__oef--ClassAxis__custom--C000270372Member_zVqJzkmK9bZ5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zA7M8nQJ2rJb" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F45_zgBKGcAm968g">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zxyCEXgN7Kch" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zrZzPrt2lJka" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4A_zbszvoKz5fib">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zNKmdAMivDo5" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F49_zy4TWWn7zhTk">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F00_z1SENbFkT9z7">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zmfvWv5qJ4c" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0F_zxkcsdFiZ7K5">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zgSwrv1NI3H" style="-sec-ix-redline: true"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member_zNEaTODyvcH7">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F06_zXHFYpMnrNUh">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1C_zCySZStwPHYc" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zCaNIhNhA7Tk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_906_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member_z1xjcOPxh9Th">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwX2Y27wyJqc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zPIDLouGZkic" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zpZ0QJJvqZQd" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zK3G6Nab5AZf" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_413_20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member__oef--ClassAxis__custom--C000270372Member_zxPCJ7WFMnR" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zLSEXJ15wLYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zqfrWQIO53xa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the communications equipment industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Ondas Holdings Inc. is a technology company that provides autonomous drone solutions and private wireless communication networks. The common stock of Ondas Holdings Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-39761 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A8A_eoef--RiskTextBlock_zE48xNeJqPF1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zIDZfpUlX7x5">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zySyQABhrYs1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 113.33%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 133.80% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -26.58%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zYJVeUSoWcD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OndasHoldingsIncInvestingRiskMember_zq8lVR4TUqCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Ondas Holdings Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the communications equipment industry, ONDS faces risks that include, but are not limited to: a history of significant operating losses and no assurance of achieving or sustaining profitability; risks related to integrating acquired businesses and technologies; dependence on the ability to retain existing customers and acquire new customers amid long sales cycles; the early-stage nature of its technology, products, and services, which have had limited large-scale deployment; reliance on regulatory approvals and certifications for its wireless and autonomous drone solutions; and the need to raise additional capital, which may result in dilution or increased leverage. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-39761, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zp8slVlFw662" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z0oRF0T5yLIe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zxu0ose9uuac" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zSdJAugbu9Qd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zF0mgH2UqEs1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zCNwhdhT3TT8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the communications equipment industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Communications Equipment Industry Risk.</i> The communications equipment industry can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditures, and rapid obsolescence. Communications services companies are subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new adverse regulatory requirements may adversely affect the business of such companies. These companies can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications (including with 5G and other technologies), product compatibility, consumer preferences, rapid product obsolescence, and research and development of new products. Technological innovations may make the products and services of such companies obsolete.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zjFNuspK0jYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znLWhyGRgxlg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zxHUwcosK032" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zvsNtEhje7Cj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zgiVHi1aLKt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zkpMdcCppkVk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zdPrsal8b3u" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zZTDWup6YVZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zuqrGoPWcQec" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zB9h7xJ78WG1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zj2dUH1y7qvc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zdtu1pZl2fGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zTTEIFFZxVK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zN4t48QPHxg6">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zeNlXbWJKLdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zvQiDfFvebBe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zIiPfDxHumia" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</p> Fund Performance <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zxMyaqwT8a8f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member_zD2GHvYYVMcb">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member_zXrn1edGnC7e">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100548Member_zo1ruhupz0z6">1-866-584-3637</span>).</p> 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 POET Daily ETF Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zXrFmBHxQitk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 POET. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zc8KZNgJORFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zTxXpFZ7TK89"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_znqBagu9wXgc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_499_20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member__oef--ClassAxis__custom--C000270375Member_zBSpz1b9BNhl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z9YKjtuYF1k3" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4B_znFbqzen5v8k">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zrwzXVvAtmDg" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zXCLoJA5zNFl" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4D_zbdFqSErEUr7">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zlFjx8NruuI7" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4E_zDbYfzU2Tlhl">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F08_zf9JdOqXCOa7">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zpl7QZqmVMDe" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0A_zhutwZdeZ9Vb">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1A_z4ltS890uEy7" style="-sec-ix-redline: true"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member_zmQWC6Qz8Shh">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F09_ziRg8kNQs5Pa">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_zXPKs38aAdra" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zQWatJQhK0ph" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_903_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member_za7PknYI6U58">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJukrqc2fUH5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z57r8H9ad5ue" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zVNGw6nY4367" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zKJg5h0BDEbg" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41A_20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member__oef--ClassAxis__custom--C000270375Member_zBuQoHk2MMmh" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zPWAzDi6lJm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zRx3J2Ekf41e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the semiconductor industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">POET Technologies, Inc. is a design and development company offering photonic integrated packaging solutions based on the POET Optical Interposer™ platform, which enables the integration of electronic and photonic devices onto a single chip using advanced wafer-level semiconductor manufacturing techniques. The common stock of POET Technologies, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41319 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A81_eoef--RiskTextBlock_zWQms7ILtQAe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_909_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zBFZtdgI8Dhf">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zPUyRYnE2D5c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 95.53%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 129.68% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 15.77%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zxLylBXHmTUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PoetTechnologiesIncInvestingRiskMember_zrcpFgbtGmte" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>POET Technologies Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the semiconductor industry, POET faces risks that include, but are not limited to: a history of operating losses and no assurance of achieving or sustaining profitability; the need for additional capital to fund operations and scale commercialization, which may result in dilution; risks associated with executing its fab-light manufacturing model and scaling production of its Optical Interposer platform to meet customer demand; limited commercial revenue and the risk that customers may not adopt its technology; dependence on third-party manufacturing partners; and a material weakness in internal control over financial reporting related to its financial close process. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41319, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zvZKEKLnYmh8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zQ3f7RqKhPub" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zsoojLdsBAae" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z9L7akvwsKq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z2yuzEJysdu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zjTfEeVtevI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductor industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Semiconductor Industry Risk.</i> Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zA7USSFqCTI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z0Un5scOqEQh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z248j2C92Ocd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zAVHFjqkXto8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zNpUwMM8SZB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zIU77RwWNnE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zJ76nUlSOiR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z0vA1XM7GLIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zhKYiEqL0kMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zcb8k53TpGo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zkTApUFAYuyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z6heYxT7magd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_ztds4Q3Crl59" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90D_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z3SMtWUyTnmd">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zp3zP3TRcLpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zYkmCT7FBry9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zEpCSFQEz32a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zfg41QHZptV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member_zGBaZF3Fwgpa">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member_zAV3DSVnP0m1">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100551Member_z1RdIWFVqTD1">1-866-584-3637</span>).</span></p> 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 UAMY Daily ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zmigjtuFTDM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 UAMY. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zpE8AFDrWaga" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zftndIs964mg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zB7WZ5KXb1H9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_495_20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member__oef--ClassAxis__custom--C000270382Member_z4y6JGlgBY91" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zcwQCclNNGoc" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F41_zn5ryg96Ad1f">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztCMX5lWnlFa" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zrCtZsKy86gl" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F47_zKaeun9fRA3g">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zVzFXR0Wh6Hb" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F46_zlPauUnMjOxc">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0C_z4FCUgQ9AR61">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_zPUTfSvDuzq" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F05_z764PCmA4Fz">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zKycrvjkSGYb" style="-sec-ix-redline: true"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member_ziRB5AWr06hl">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F07_z0mfiVXrVW9c">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1C_zQOJCabkMZdh" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zipd8Il76qcj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member_zXXp3Q3izVee">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSW7qGkyFov5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zOgGFSKOk5me" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zLxkdcMxStok" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_z1qdFmiKzGA1" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_419_20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member__oef--ClassAxis__custom--C000270382Member_zN4bpzcsGVtg" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zURYON9TAIek" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zVILfCa4L3Pc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the metals and mining industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">United States Antimony Corporation a producer and processor of antimony, zeolite, silver, and gold. The common stock of United States Antimony Corporation 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-08675 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A8A_eoef--RiskTextBlock_zqXhwe3Mkqah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zCrV09wgAwi4">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zOkHqavzD3Ji" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 103.94%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 135.18% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 32.83%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zz12L1slGLm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnitedStatesAntimonyCorporationInvestingRiskMember_zRkiZ0ymdQP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>United States Antimony Corporation Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the metals and mining industry, UAMY faces risks that include, but are not limited to: a history of operating losses and no assurance of achieving profitability; reliance on external financing and uncertainty regarding the availability of capital on acceptable terms; the speculative nature of mineral exploration, development, and production, which may not be economically viable; operational and safety risks inherent in mining and processing activities; dependence on a limited number of customers; constraints on the supply of antimony ore, including reliance on non-domestic sources and the economic viability of new suppliers; regulatory and permitting risks that could delay or prevent project development or fulfillment of contractual obligations; exposure to evolving environmental, health, and safety regulations; and significant sensitivity to volatility and extended declines in antimony and other metal prices. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-08675, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zg26OqePJZlh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zpUeOlhZuIvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z28s1dyGNldg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z30jj0v35OLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zrdGAQj93qed" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z4hyFKMRAdsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the metals and mining industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Metals and Mining Industry Risk.</i> Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Risks of metals and mining investments include changes in international monetary policies or economic and political conditions that can affect the supply of precious metals and consequently the value of metals and mining company investments; new laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zbe8a5qX5J33" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zuSmfmQJihxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zqJ31EDT8vZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zdtqRbuQ6o0j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zIo4df7jfKb1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zjt8sARKfHPa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zdLCzQsyTVw8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zjylRVGQH5m6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zwNxgJyg5s23" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zLyw10iQC863" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zC6XEyTkqJA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zCARQlsmnpTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_znEU8qOzA2Kd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_908_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zQXogTcD53re">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zl8LTyMq2chb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zWhit9knB2z8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zhdi75uSPHV2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</p> Fund Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zr7SzWhHXDie" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member_zTgzOvSFOhtc">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member_zUS9F4bBaVU9">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100558Member_zjro9JxDQQae">1-866-584-3637</span>).</p> 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 AXP Daily ETF Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zzPtOTaXAhsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 AXP. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zH5fEZOIyC3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zSpipHcdnlfh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zYZhmIUIVDp1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49E_20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member__oef--ClassAxis__custom--C000270368Member_zYIhSbcR2Fp2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zQBt18BbhQ66" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F41_z04MBu2xKG0d">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zS9WQ7xO6o8i" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zQSDxwZJFiL9" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F44_zB8kfY0M40pf">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zBTtpHYqP8vd" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4B_zP18BhownFu8">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0D_zRdK4sqhFJAg">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_z6F1HHswgBT8" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F00_zlLfrvCwfhci">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F15_zwl0o9Bq9iae" style="-sec-ix-redline: true"><span id="xdx_901_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member_zW67oiu2xYE6">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F01_zkx9Q8Wv93v2">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zRMdGb59JCk5" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zAN7ifuH6tU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90C_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member_zhSyT2B4GDL5">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSx8JeFvg5Oi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zSm1Vy7bBEog" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zTAZKMyNF2lg" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_z63drpQ6Mon5" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_411_20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member__oef--ClassAxis__custom--C000270368Member_zHjrZoBaUL5" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zwg6p0cExa77" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zOjcjJGdyM1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the consumer finance industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">American Express Company is a global, integrated payments company that provides charge and credit card products, merchant acquiring and payment processing services, and travel- and lifestyle-related services, operating a closed-loop network in which it acts as both card issuer and payment processor. The common stock of American Express Company 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-7657 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A80_eoef--RiskTextBlock_zjjEzWb1qy8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_901_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zL1Zb9Xirhf7">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zolOEs56D9Me" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 38.54%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 64.14% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 18.72%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zmh49ep9tKCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmericanExpressCompanyInvestingRiskMember_zhNX5w5iS5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>American Express Company Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the consumer finance industry, AXP faces risks that include, but are not limited to: high sensitivity to discretionary spending in travel and entertainment sectors; intense competition from bank-issuers and digital-first payment platforms; the rising cost of card member loyalty, where increased rewards and engagement expenses may outpace revenue growth and compress margins; dependency on key co-brand partners, particularly in the airline industry; credit and delinquency risks within a growing, younger card member base; regulatory headwinds affecting fee structures and merchant discount rates; and geopolitical or cybersecurity incidents that could disrupt our global integrated payment network. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 1-7657, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zhtXBZxAOP77" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zwSahCfzIbu6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zUXgbRnFWrRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z3twRFQ3Nbqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z1BJgNyHPG18" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zEsQJcxhCZy" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the consumer finance industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Consumer Finance Industry Risk. </i>The consumer finance industry can be significantly affected by changing economic conditions, demand for consumer loans, and refinancing activity. Profitability can be largely dependent on the availability and cost of capital and the rate of consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the consumer finance industry. Companies in the consumer finance industry are subject to extensive government regulation, which can change frequently and may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain, or may affect them in other ways that are unforeseeable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zT20rpk5Ey7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zfx35LHzbHxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zbGeCzYGS4Qe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zthzUWE54DU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zElx3KsaXhA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zN0P4nUKafe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zdqGQwgfHT8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zdLxgpr3EvP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zeTKpVoa96C8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zk7ZMRtkjlSj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z38I9ijEy1We" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z771DdHV35D2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zQeuzufFaBt6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zBxYAcEjMBB1">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zJkB54kyAbRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zfSGyj77mBf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z6Myzl2U0K6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zrS6RGG9Atbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member_zDZvHqvXMcdd">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member_zOiUWVpbQtzb">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100544Member_zHWmnNtctWs9">1-866-584-3637</span>).</span></p> 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 UEC Daily ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zJe3JSDeciA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 UEC. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zE8Yv3AH8aA8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zh1UcnjSCu22"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zfzznG7Jj6xj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_495_20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member__oef--ClassAxis__custom--C000270383Member_zuCa3WGaSBL" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zKsKDUVxUlh3" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4C_z1ZsBlwgWmf">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zaB8lJanEuNi" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zNNHcFQUlES5" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F46_ze1BYww60NWb">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zRwxBBZeYrq9" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F43_zmOq9R7EQePh">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0A_zc4I7HtaWAoa">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F10_zFdkMSghdmD8" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F03_zzaUAOueUYca">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F10_zHtSliDIRo3l" style="-sec-ix-redline: true"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member_z9Or1eSPMJId">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0A_zkiyIKD4PMf1">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F11_zXaosjSxA8n9" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zTwGdJJb6lLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member_zN0g5VkYC0o3">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZRzTjpFdHha"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zsyiBpQIK6gi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zrUJdRGO4mmd" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zShHITne12ye" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_411_20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member__oef--ClassAxis__custom--C000270383Member_zaEsJuSdzc3a" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zsWpyA8Z1sLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zxyHr7wB9jMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the oil, gas and consumable fuels industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Uranium Energy Corp. is a U.S.-based uranium exploration, development, and production company focused on expanding domestic uranium projects to support the nuclear energy sector. The common stock of Uranium Energy Corp. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-33706 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A8F_eoef--RiskTextBlock_zYzD8NIYmgYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_906_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z9fRB1SsSvrb">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z9X9GDTtMCyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 81.46%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 98.85% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 48.54%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zLA8KK4T2HU5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UraniumEnergyCorpInvestingRiskMember_zSQxUfBZU4eh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Uranium Energy Corp. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the oil, gas and consumable fuels industry, UEC faces risks that include, but are not limited to: its operations are capital intensive and will require significant additional financing to acquire additional mineral projects and continue with exploration, pre-extraction and extraction activities on existing projects; any failure to successfully develop and/or ramp-up operations on its projects may adversely affects financial condition and operating results; exploration programs may not result in the establishment of ore bodies that contain commercially recoverable uranium; estimated costs of future reclamation obligations may be significantly exceeded by actual costs incurred in the future; there is no public market for uranium and selling the uranium may take extended periods of time, which could have a material adverse effect on financial condition; and there is no certainty that any estimates of future uranium extraction and recovery will be achieved. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-33706, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z5dBxhuTi44a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zYn7tVrDiOZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zBPk0S19UcVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z1PYtmytFZHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z42D7DdDsOA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_ziiVuSbPUyci" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the oil, gas and consumable fuels industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Oil, Gas and Consumable Fuels Industry Risk.</i> The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zctHdyqAqYgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zKZO333Nx04i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zaYrJ2Wo4KGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_znmdtO25Lsb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z0tlqx9HQQJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zrXRcr2xMYme" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zuE21o3blM7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z98KBMarel96" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zE52hHBUfbQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z6fblfH8MhVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zklK2HKh7CI" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zbbppYgHkwxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zpQGAXAt2yj5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90D_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zfxGoChca5B9">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zpPHZzcDy4m8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zMTmqfRwAXJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zszWg9bvkl7i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_z0OCXPIgzvg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member_zqMmeUmdVFvf">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member_zLfneJxQSShb">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100559Member_zyGBLdiCeCzd">1-866-584-3637</span>).</span></p> 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 GLW Daily ETF Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zp5w6xklR28c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 GLW. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_znGKHIZAHAp7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_z2ErPSZ15OSb"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zZVcd8udqCR8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49C_20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member__oef--ClassAxis__custom--C000270365Member_z7UUdPQbPJU1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zifQlq3uKyy1" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F46_zxsdXDJHiAG1">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvMKVlbDT4dk" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zTCqCyX0mYH4" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F49_zwES9NyebqTg">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zzkgixPMbePl" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F49_zeU0FAcX5JT1">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0F_zlQ5jWqwFas9">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zoi6IANpWB9k" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F03_zCTZnDAzStc8">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zOVccOzLas39" style="-sec-ix-redline: true"><span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member_zm5CegXYVUy2">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F04_z4NAszi1JNS7">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1C_z1zInAApBbkk" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zSl7rEjFEOaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_903_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member_zaWIRHrW7rcb">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWXR9t4miZV2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zR9YZUj8qGwd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zb3QKJ3MZxDe" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zhKPanNTJhIc" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_417_20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member__oef--ClassAxis__custom--C000270365Member_zYCxEMhnAL8e" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zJkKr1GUgiej" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zsZzHJbqKSwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the electronic equipment, instruments and components industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Corning Incorporated is a global technology-based company that operates in diverse industries, including optical communications, mobile consumer electronics, display technologies, solar, semiconductors, automotive, and life sciences. It is known for its expertise in material science and its use of advanced glass and ceramics to create innovative products. The common stock of Corning Incorporated 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-3247 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_zifEyvBLfbOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_90D_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zJqZgKEN37l3">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zTwRyyUIUvOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 33.17%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 51.01% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 9.64%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zX9umURmYtMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorningIncorporatedInvestingRiskMember_z1rijk0jyFDb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Corning Incorporated Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the electronic equipment, instruments and components industry, GLW faces risks that include, but are not limited to: inflationary price pressures and uncertain availability of commodities, raw materials, utilities, labor or other inputs used by us and our suppliers, or instability in logistics and related costs, among other factors, could negatively impact profitability; supply chain disruptions, manufacturing interruptions or delays, or the failure to accurately forecast customer demand, could affect its ability to meet customer demand, lead to higher costs, or result in excess or obsolete inventory; if it is unable to obtain the necessary equipment, raw and batch materials, natural resources, utilities and other essentials required in its products or processes, its business will be negatively impacted; Corning’s Display Technologies segment generates a significant amount of its profits and cash flow and any significant decrease in display glass pricing, volume or market share could have a material and negative impact on financial results; a concentrated customer base and future sales and cash flows could be negatively impacted by the actions or loss of one or more key customers; and its ability to successfully manage the costs and operational complexities of rapidly ramping production to meet surging demand for new Gen AI connectivity and solar products. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 1-3247, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zXagGAnLfJka" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zCriiIvqUBkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zXLEbub1jwqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zwU5iZAjn6Nh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zHjsyTKYzJEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zv6M6sFH1C" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the electronic equipment, instruments and components industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Electronic Equipment, Instruments and Components Industry Risk.</i> The electronic equipment and instruments industry is exposed to a variety of risks that can affect operational efficiency, profitability, and market competitiveness. Demand for products is often cyclical and closely linked to broader economic conditions, capital spending trends, and technological innovation cycles. Companies in this industry face significant pressure to continually invest in research and development to keep pace with evolving customer requirements and emerging technologies. Supply chain disruptions, component shortages, and dependence on specialized manufacturing partners can lead to production delays, increased costs, or inability to meet customer demand. Additionally, international operations expose firms to foreign exchange volatility, trade policy shifts, and regulatory compliance across multiple jurisdictions. Intellectual property protection, cybersecurity risks, and the need to comply with environmental and safety standards further contribute to the complex risk landscape facing companies in this industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z77LbEB806pi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z9X5fk9v39of" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z0YNPamarJa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b> </b></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zrH85JMRhLP" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zlFbH2LQyJTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zu9zNxIndYCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zCpzRVXbZ5ui" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zhsbPUfupvob" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zFxOT6dz6Hr9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zMaf3CKMqKV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zVuw13HEjADc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zrlBLmhV5e39" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zPlboDGQovH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_ziAEmjkvusF4">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zzRqrX7B6nG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zfE14yJl9TAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zL8lVLfGvIg6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</p> Fund Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zAL2MzEq3AIi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member_zFY7O4DWYJg9">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member_zidbyb5LMVC1">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100541Member_znrCnrrRLRL4">1-866-584-3637</span>).</p> 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 GILD Daily ETF Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zVvchzcYYzZc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 GILD. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zz8olfCM1K7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z5M920DBpQLc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zW1NQNMYqBvc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_497_20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member__oef--ClassAxis__custom--C000270364Member_zOwJy1Hr6IXf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zq12wgagWpB9" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F42_zZfljGCudWg7">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zh3oxrcdboD4" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zZw8sK9PL77g" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F48_zSI2UWbWdMD4">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zf9LdhGWqAVl" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4E_zvZpY9sbkL38">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F02_zCSQPL0z8OBc">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F10_zuX5WEpWxzmh" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0F_zu7ta86V3ETe">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F13_zvx1wueOcI8h" style="-sec-ix-redline: true"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member_zpyjpR2cL3T1">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F04_z86sQowfGvgi">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zbCNUqEN9Qih" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zAZM3e2NVoH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member_zMCwXhPeEFDc">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4qvsJS7awI3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zORLwRBRUyl3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zaF0gwd5QWOj" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zrZXrNGt7beg" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41F_20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member__oef--ClassAxis__custom--C000270364Member_zrPBdLRT7GD7" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zXOCiqAdFedb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zJ3roNjjAFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the biotechnology industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Gilead Sciences, Inc. is a global biopharmaceutical company that specializes in the discovery, development, and commercialization of innovative medicines, including virology, oncology and inflammation. The common stock of Gilead Sciences, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-19731 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A87_eoef--RiskTextBlock_zRc2onVmQ9z6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zp1wN4xkZAV9">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zYVbOBnCTOf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 26.30%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 37.73% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 7.21%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z8oxefQueN06" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GileadSciencesIncInvestingRiskMember_zvnyHp7IOOL9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Gilead Sciences, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the biotechnology industry, GILD faces risks that include, but are not limited to: its financial results are subject to the impact of the Medicare Part D redesign implemented in 2025, which increases manufacturer liability for drug costs and may create margin headwinds, particularly for its HIV franchise; its future growth depends on the successful development, approval and commercializing of new products and the expansion of indications for existing products; intense competition from global pharmaceutical and biotechnology companies, including generic drug manufacturers; pricing, reimbursement, and access pressures from government programs and other third-party payers, including required discounts and rebates; the risk of clinical trial failures or delays; and the risk of failing to obtain or maintain regulatory approvals or comply with applicable laws and regulations. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 000-19731, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zLaVboH45tX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_znwOSML6bj17" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zSkO8F13nYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zAL4287bCMT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zu9hb1EHqg6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zRXH16oeAEGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the biotechnology industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Biotechnology Industry Risk.</i> Companies within the biotechnology industry invest heavily in research and development, which may not lead to commercially successful services or products or may cause such products and services to become obsolete quickly. The biotechnology industry is also subject to significant governmental regulation and changes to governmental policies or the need for regulatory approvals, which may delay or inhibit the release of new products. Many biotechnology companies are dependent upon their ability to use and enforce intellectual property rights and patents. Any impairment or expiration of such rights may have adverse financial consequences for these companies. Biotechnology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Biotechnology companies can be significantly affected by technological change and obsolescence, product liability lawsuits and consequentially high insurance costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zUgKVWVl00Af" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zkbveqA03ds3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z33OgT6nuwL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zX30Tgg7ocIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zFRbhDsQKUQ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zyJXpR4IF6Ah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zsk7yisPPIu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zBk0KqT6quu5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zxcru29MetJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zZB79dBYsjWg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zSNrwtSFj6se" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zqodkxdFlMO5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zccmQZckAnC" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_908_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zQKKJBgfo515">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zKxQZBW77ZR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zc64MtE0mH1i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zAMDZnAWkQm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_z2EgQ3uzQPa8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member_ztwI1IFmpGB8">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member_zmzXNAaaCZ7b">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100540Member_zMmkoQWy7LS5">1-866-584-3637</span>).</span></p> 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 PLUG Daily ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zzUbrSXSWNa6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 PLUG. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_ziGePPvdpZr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_ztkxWyMa87ze"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zxm8qaHUkPi6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_494_20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member__oef--ClassAxis__custom--C000270374Member_zncYnrqnDjG7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zjZMQ9Ludksi" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4B_zHxx4q19nDVl">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXvwqybBJyz2" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zCDPjvRjBVfa" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4E_zJgtfciitvmk">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zCZVbxYWanWk" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4A_zaUOG70dcJDg">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F06_z1qusOdDVa38">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F10_z6dug3zMFOO2" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F06_zTE7CAfPjvm9">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zPL0Y5jmnSk2" style="-sec-ix-redline: true"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member_zgDUQHLRr2n2">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F04_zErLvgooMyef">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F19_zUlGKQDenfQ9" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_z4Xfq3xJSUDe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member_zbS2aZzLaB55">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUNvUclU5gV1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zENOCPwxM4kc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zCdqRA7ZVtDj" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zhvL1WrmlwQl" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_412_20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member__oef--ClassAxis__custom--C000270374Member_zbACkIDxuo27" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zthuigTcGeHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_z1dCU0tVHVA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the electrical equipment industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Plug Power Inc. is a technology company focused on building a green hydrogen ecosystem, including the production, storage, distribution and utilization of hydrogen. PLUG is a leading provider of hydrogen fuel cell systems for material handling applications and is expanding its offerings to include electrolyzers, hydrogen infrastructure, stationary power, mobility and industrial applications. The common stock of Plug Power Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-34392 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A8F_eoef--RiskTextBlock_zTxarDhRUJ2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_906_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zK81jpfHgyS5">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zOL8wsGdVAob" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 93.26%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 99.41% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -8.05%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zqKVtvsEUr01" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PlugPowerIncInvestingRiskMember_zw4LVQ8KsY0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Plug Power Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the electrical equipment industry, PLUG faces risks that include, but are not limited to: it has incurred losses and anticipates continuing to incur losses; it may be unable to successfully execute and operate the hydrogen production projects and such projects may cost more and take longer to complete than expected; products and performance depend largely on the availability of hydrogen and recent insufficient supplies of hydrogen could negatively affect sales and deployment of products and services; volatile commodity prices and shortages may adversely affect its gross margins and financial results; its ability to source parts and raw materials from its suppliers could be disrupted or delayed in the supply chain, which could adversely affect the results of operations; and its decision to temporarily suspend activities related to a Department of Energy (“DOE”) loan facility could adversely affect its access to low-cost capital, delay project execution, and expose the company to potential termination or modification of the DOE loan guarantee. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 1-34392, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z6yQU8MClge4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zRWnB9iLo4f9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z1krNyYATbcg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zi65kXgjJa5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zbUuOqiDJdlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zvrdRFmJ1XBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the electrical equipment industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Electrical Equipment Industry Risk.</i> The electrical equipment industry can be significantly affected by general economic trends, including employment, economic growth, interest rates, and changes in commodity prices. Electrical equipment companies are subject to the risks of technical obsolescence, and their profitability may be affected by government regulation and spending, import controls and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. These factors may result in a material adverse impact on the Fund’s portfolio of securities and the performance of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zd16vOxR1dlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zerWlvcwOBC" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z1r0488nA2n9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zFhQJyrhYhDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zuf1h5aWkm5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zdvr9ZDE1w6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zADXcNmxK3Aa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zOHXdqJ9dCk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zj4EGmKRABni" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zXt6ijHUYPvh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zHlJglc7CBPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z0x9RUBBduwd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zEFQ8nBFocn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_901_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zKUHlOR395U3">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zlfWQPaPJn64" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zFJqCxpT7zn4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z1s767hF7sQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_ziCOE4AVLa14" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member_zHJ9soGLzSB8">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member_zdqKHqaj11tf">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100550Member_zFyPcCAZ1uRi">1-866-584-3637</span>).</span></p> 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 DNN Daily ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zN4b8r59ZAj1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 DNN. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zVceJpf7R6N8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zgo86stLjUad"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zrtszZfFbk4e" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_498_20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member__oef--ClassAxis__custom--C000270360Member_z3ZGIWjcPD7a" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zPvK2CJYsNrh" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F40_zeeXKr1jqqDk">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0YzBfKicBRl" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zbjh5lb5v0Dh" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4B_z1q1nmZOVdXl">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zjk3x9XEU12l" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4C_zpkGx8jG5mO1">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F05_zL5Bg522XhLi">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zLaWkDw0HKA6" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F03_zvOgsMZhuPFd">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zRmBiPnpwDMh" style="-sec-ix-redline: true"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member_zrCuPQ73hdmb">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0D_zKrhT0BBGmrf">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_zBTQxkdejQ6e" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zLCVMI1eSG0i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90F_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member_ze0jvPhT7Sr4">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbwURC7SFdd7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zi0v7y85CT05" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_z8cOPFW4eKL7" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zKHHFjWfDsyc" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41C_20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member__oef--ClassAxis__custom--C000270360Member_ze7Mu6VrwC5c" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zN3acsarixq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_ziqiq9DTywM" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the oil, gas and consumable fuels industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Denison Mines Corp. is a uranium exploration, development, and mining company with operations primarily focused in northern Saskatchewan, Canada. The common stock of Denison Mines Corp. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-33414 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A88_eoef--RiskTextBlock_zFheUiXyohg2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_902_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zkURkdgvvo18">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z99lcd1aEBpk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 71.85%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 91.24% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 34.28%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zJgnTQHD7xf7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DenisonMinesCorpInvestingRiskMember_zLuK7NwKxRHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Denison Mines Corp. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the oil, gas and consumable fuels industry, DNN faces risks that include, but are not limited to: anticipated negative operating cash flows and the need to raise significant additional capital to fund the construction and development of the Wheeler River project, which may not be available on acceptable terms; operational, technical and execution risks associated with the development and ramp-up of production at the McClean North deposit using the SABRE mining method; dependence on the receipt of final Federal Environmental Assessment and site license approvals for the Wheeler River project, which remain outstanding; exposure to cost overruns, delays and other project execution risks; and sensitivity of project economics and operating results to volatility in uranium market prices. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-33414, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z0aVLUhBQEkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zbE44LdBWz99" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zdt9Uy01Pudg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zCmVHccER0w9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zhnCb7y9yYw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zVWjlItQeE8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the oil, gas and consumable fuels industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Oil, Gas and Consumable Fuels Industry Risk.</i> The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry is strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_ztbDHPLj2SX6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zlXUov0ce06d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z2fDyO5WKlCa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zFZQSqtQuG35" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zcmTdJG7sVua" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zRPvUY0cRDv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zmOr1ByWiCLl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zakMn5AoTQOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zLLBXd9n47D9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zXlSKbDoYrld" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6t8DWwVSKCj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zCAytiuhNHIk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z09stoWGZ85l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90B_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zOdaM1zPzSx7">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zInw6xtB9l14" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ziIksdxiBUgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zqDdKAZYSiBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_ztCufrd0ysta" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member_zQEaDvnNt8k3">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member_zOGrUoyrsOM4">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100536Member_zOCHxjjqqzXg">1-866-584-3637</span>).</span></p> 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 SLB Daily ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zzaMrKcFFSKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 SLB. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zc58GywBHxyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zqLGYg7m4fuf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zwERtamBdaN9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49F_20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member__oef--ClassAxis__custom--C000270380Member_zmhvek1Icpmc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zse7FIYkrJ9j" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F41_z96AHNkhXHw5">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3hEozzG90ld" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zpI4bhl15eul" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4D_zSe124I5UhNk">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zPXnRQBjv4th" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F43_zcQ0ZcOJZ4Vb">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F02_zzgyti6E9FR3">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_z3K5oF796ER2" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0D_zgKRH9Z3ZAOi">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zGCXknlLoGb9" style="-sec-ix-redline: true"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member_z64noCYxMUKk">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F03_z3lJrBmkJe8d">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F10_zFpw7abDTZr7" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zBKBX70ozvS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90C_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member_z2tSGvMitPA2">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zS8nRK3A4aL6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z9f4lMrXwI56" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zQiHxHlglH82" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zugqDKSkv1Ld" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_416_20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member__oef--ClassAxis__custom--C000270380Member_zF5SnXpD9x69" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zoyBk4NJIFW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_ztBtwlrsyKSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the energy equipment and services industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">SLB N.V. is a global technology company for the energy industry that provides technology and services to support the development and production of oil and gas resources. The Company is also expanding into low-carbon energy solutions. SLB N.V. is also expanding its portfolio of digital and AI-enabled solutions, production systems and chemicals and technologies supporting industrial decarbonization and energy transition. The common stock of SLB N.V. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-4601 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_z9c5DngcXpO2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zj2SHonZLZkg">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zMLelWBpeICd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 49.03%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 77.40% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -0.93%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zQdGYvSvqCw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SlbNInvestingRiskMember_zsBaVKECFmUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>SLB N.V. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the energy equipment and services industry, SLB faces risks that include, but are not limited to: the cyclical nature of its business and its substantial dependence on customers’ capital and operating expenditures, which are influenced by oil and gas price volatility and broader economic conditions; risks associated with the successful integration of the ChampionX businesses following their acquisition by SLB; risks related to the execution, deployment, and market adoption of its digital and AI-enabled solutions, which may not achieve anticipated market traction; and risks arising from its global operations, regulatory environment, and exposure to geopolitical, environmental, and competitive pressures. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 1-4601, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zlFyreusIKGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zVEKNrjzKOhe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zrqPlfnBEogl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zDigTmwrqWpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z8VMJcWJFPwi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z2YJOOP3qyR" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the energy equipment and services industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Energy Equipment and Services Industry Risk.</i> Companies in the energy equipment and services industry are subject to many risks that can negatively impact the revenues and viability of companies in this industry. These risks include, but are not limited to, commodity price volatility risk, supply and demand risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zCUrLcGbdVBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zIZZmaLhvmD" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zEv7EuxjWlUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z7boiQFVzJlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zAoKojYtIkxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zdoOiLOhTJJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zLfwlo8wsHdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zv8C6klydFCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zielfEo49Fz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zcTM0VhLPlBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zMNxh6WEpBGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zIAThTRYbeH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zYb1nOf40uXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z3ncFMPIDib3">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zWZLQB0sr3c7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zTvglRuZWVZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zc0FYowqLwfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z4k0yvvqd8Ek" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member_zTcM1zpTQ8U4">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member_zn5VdhMS5R2k">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100556Member_znMVwPQXsyv4">1-866-584-3637</span>).</span></p> 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 RCAT Daily ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z1aEBA6Qlxjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 RCAT. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zGECHSaHDXO1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zMxnK69J2YKl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zT5dpLbqXHNl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49D_20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member__oef--ClassAxis__custom--C000270376Member_zbMpMZdV5Fjj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zjwGZSkvZyG7" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F41_zZZYUpC7bxKk">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z53FgaNa3g3f" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z5TWQWHuwIKc" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F48_z0tqwfVZZHK8">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zqulaUYBkhqe" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F40_zOKZ1celKKuj">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F07_z8revMZ8b0jd">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_zADOpPBsqg28" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0C_z9Ubxzz4EGfk">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zZyGUUvP9ymc" style="-sec-ix-redline: true"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member_z3XqFTEdZerf">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0B_zU6HC5CIsaCb">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zBcOxvUjOIAh" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zcL9FBAymdHh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member_zxAOvGJnkCl1">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaltomq1ATqd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zRtrDY1fKScd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zYh2LmSWJgqi" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zF9XTexbDhzi" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41D_20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member__oef--ClassAxis__custom--C000270376Member_zWtw7Hjp7It7" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zf8YVhX6pNBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_z5YgpHQRB597" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the electronic equipment, instruments and components industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Red Cat Holdings, Inc. is a U.S.-based technology holding company focused on providing unmanned aerial systems and related technologies for defense and national security applications. The company operates primarily through its subsidiaries, such as Teal Drones, FlightWave Aerospace and Blue Ops, Inc., which focuses on maritime unmanned systems. The common stock of Red Cat Holdings, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40202 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A82_eoef--RiskTextBlock_zHc8pqk3ZFLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zfw79iEKId1e">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zF7JKYGZoXXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 165.91%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 282.22% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 63.49%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zFofjr3Onhvd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedCatHoldingsIncInvestingRiskMember_zBDMztY4p2Hf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Red Cat Holdings, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the electronic equipment, instruments and components industry, RCAT faces risks that include, but are not limited to: a history of net losses and the expectation of continued losses in the near term; the need to raise additional capital to fund the expansion of its operations until profitability is achieved, and the risk that failure to obtain such capital could require the company to limit or curtail operations; reliance on U.S. government contracts and related procurement risks; the need for continued investment in research and development and the risk of technical problems or development delays; risks related to customer satisfaction with technical support, firmware, and software updates; risks associated with the use of open-source software, including potential litigation; the identification of a material weakness in internal control over financial reporting and the possibility of additional material weaknesses in the future; and risks related to the accurate and timely reporting of financial results. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-40202, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zldx6Ki31k9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zULWaynfCqY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zhMXOvfg2mI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zOOGKyuMvuPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zLJk0S9iNI4g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zQ9awjwdsEU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the electronic equipment, instruments and components industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Electronic Equipment, Instruments and Components Industry Risk.</i> The electronic equipment and instruments industry is exposed to a variety of risks that can affect operational efficiency, profitability, and market competitiveness. Demand for products is often cyclical and closely linked to broader economic conditions, capital spending trends, and technological innovation cycles. Companies in this industry face significant pressure to continually invest in research and development to keep pace with evolving customer requirements and emerging technologies. Supply chain disruptions, component shortages, and dependence on specialized manufacturing partners can lead to production delays, increased costs, or inability to meet customer demand. Additionally, international operations expose firms to foreign exchange volatility, trade policy shifts, and regulatory compliance across multiple jurisdictions. Intellectual property protection, cybersecurity risks, and the need to comply with environmental and safety standards further contribute to the complex risk landscape facing companies in this industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zvZmsTPUDFs1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zyMFdHxe58Yl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zlK8CZ79Xut6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zyNik1GOXT63" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zFzumYJZ5YOi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_ziZIahdxrIlk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_ztrPlCcZlb8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zCG5PybtnCC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zsau9dbgSN4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zdzjxJ3fZFa5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6oqomDAeWK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zKwqsNYOrKQf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zzHrIwT9E44a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z8XddIytClS3">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zsSEYa39O6f8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zRCOXwBFAvah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zX8USrMInIkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zlPYxsgkJkX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member_zSUXAMdVoOed">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member_zQrA1EymcTm9">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100552Member_znSUm14TGX7b">1-866-584-3637</span>).</span></p> 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 DFDV Daily ETF Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zyD0dj2cUPpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 DFDV. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zw8VvtvJ5Zvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zIFkd4XpGYQ1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zikcy6Fm7G2k" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_492_20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member__oef--ClassAxis__custom--C000270359Member_znhqxgyff828" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zxOmQmfFEADh" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F42_zm2AXdxh2Um3">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z65zJZvd6PO1" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zpSLG1teryDj" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4E_zwnLaHbLOoR1">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_z8h3SHyVJFOg" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F43_z6vYpajNKZO1">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F05_zhb5dJQXL3e3">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_ztM1xHZ1ws8a" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0E_z4KbrpVpVOfj">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F17_zWfNOo9MmFxk" style="-sec-ix-redline: true"><span id="xdx_901_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member_zrqpa9C8Bfn8">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0E_ziNzvKd1rDW9">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zAmkNCjKR92h" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zLLMoNAymXw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_904_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member_zgL00S5HCH5f">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPUzikl2Tu41"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z3Uco9Dtptw8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zYpRdCM5FzHa" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zqhwLxZII6vd" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_410_20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member__oef--ClassAxis__custom--C000270359Member_z8VwAZxREHml" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_ziACOrKiFKl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zgks44oQyyY3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the consumer finance industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">DeFi Development Corp. is a technology company that operates an AI-powered online platform connecting commercial real estate lenders and borrowers through data, software subscriptions, and related services. The company also implements a digital asset treasury strategy, under which it allocates its principal treasury holdings to Solana (SOL) and operates validator infrastructure to stake SOL and generate rewards, thereby providing investors with economic exposure to the Solana ecosystem. The common stock of DeFi Development Corp. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41748 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><i><span style="text-decoration: underline">Additional Information on SOL</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">SOL is a digital asset that is created and transmitted through the operations of the peer-to-peer Solana network, a decentralized network of computers that operates on cryptographic protocols. No single entity owns or operates the Solana network, the infrastructure of which is collectively maintained by a decentralized user base. The Solana network allows people to exchange tokens of value, called SOL, which are recorded on a public transaction ledger known as a blockchain. SOL can be used to pay for goods and services, including computational power on the Solana network, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on digital asset exchanges or in individual end-user-to-end-user transactions under a barter system. Furthermore, the Solana network was designed to allow users to write and implement smart contracts — that is, general-purpose code that executes on every computer in the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create digital assets other than SOL on the Solana network. Smart contract operations are executed on the Solana blockchain in exchange for payment of SOL. The Solana network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Solana protocol introduced the Proof-of-History (“PoH”) timestamping mechanism. PoH automatically orders on-chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH is intended to provide a transaction processing speed and capacity advantage over other blockchain networks like Bitcoin and Ethereum, which rely on sequential production of blocks and can lead to delays caused by validator confirmations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In addition to the PoH mechanism described above, the Solana network uses a proof-of-stake consensus mechanism to incentivize SOL holders to validate transactions. Unlike proof-of-work, in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validators risk or “stake” coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or “slashing” of a portion of the staked coins. Proof-of-stake is viewed as more energy efficient and scalable than proof-of-work and is sometimes referred to as “virtual mining”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">SOL has no fixed maximum supply, meaning it operates on an inflationary model. Initially, the network launched with 500 million tokens, but this total has increased over time due to inflation mechanisms and staking rewards. The inflation rate started at 8% annually. It decreases by 15% each year until it stabilizes at a long-term rate of 1.5% per year. This inflationary design ensures that new tokens are continuously issued, primarily as rewards for validators and stakers, while some tokens are burned through transaction fees to offset supply growth.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zJoBClu7A24d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_909_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zCqYAJAlc1R1">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zbMG62ybQUka" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate since inception of trading on July 24, 2023 through the period ended December 31, 2024 (the “Period”) was 112.70%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 140.50% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -61.05%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zI10yZ8cwpmc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DefiDevelopmentCorpInvestingRiskMember_zajJ3TYnPPe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>DeFi Development Corp. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the consumer finance industry, DFDV faces risks that include, but are not limited to: the impact of volatility in the market prices of digital assets held in its treasury on its financial results and the market price of its common stock; the limited liquidity of digital assets compared to cash and cash equivalents, which may restrict their usefulness as a source of liquidity; operational, custody, and counterparty risks arising from its SOL treasury strategy and its reliance on third-party service providers such as banks, insurers, and auditors; risks associated with being a growing company with a limited operating history; reliance on a narrow set of services, including products that remain in development or prototype stages and may never become operational; dependence on transaction-based revenue that is not subject to long-term contracts and is sensitive to economic conditions; and the risk that declines in transaction fee revenue could materially adversely affect its financial condition and results of operations. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41748, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z6VquKwQ9Ab7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zGm9pbrb33La" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zF8Eq0s5qDkd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zoyTusv0ysxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z6OMWrlZV5j6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetsRiskMember_z2UY8csbjXli" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Assets Risk (SOL).</b> The Fund is subject to the digital assets risk due to the Underlying Security’s holdings of SOL. The market price for SOL is extremely volatile and will likely continue to be volatile. SOL is the native token for the Solana Network and is used to pay transaction fees on the Solana Network and for governance of the Solana Network through voting. Accordingly, the value of SOL is largely dependent on the acceptability and usage levels of the Solana Network and its applications by users. Factors contributing to the volatility of the price of SOL include, but are not limited to, the maintenance and development of the open-source software protocol of the Solana Network, forks in the Solana Network, speculation and consumer preferences and perceptions of SOL specifically and digital assets generally, investment and trading activities of large investors that invest directly or indirectly in SOL, and the fees associated with processing a transaction on the Solana Network, the speed at which transactions are processed and settled on the Solana Network. The price of SOL is also affected by interruptions in service from or closures or failures of major trading venues on which SOL is traded, cloud services, and network latency. As with cryptocurrencies, the price of SOL can also be impacted by malicious actors (e.g., hackers and fraudsters). The perception of the Solana Network will also affect its usage and the price of SOL. The Solana Network’s perception can be affected by any number of factors, including, but not limited to, changes in the governance of the network, loss in faith in certain important developers of by developers, inability to scale efficiently, falling out of favor generally. The price of SOL may also fluctuate in the same direction as the broader cryptocurrency market or a subset of the cryptocurrency market, such as Meme Coins.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zgOsLfj8hsZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the consumer finance industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Consumer Finance Industry Risk.</i> The consumer finance industry can be significantly affected by changing economic conditions, demand for consumer loans, and refinancing activity. Profitability can be largely dependent on the availability and cost of capital and the rate of consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the consumer finance industry. Companies in the consumer finance industry are subject to extensive government regulation, which can change frequently and may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain, or may affect them in other ways that are unforeseeable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zRWIWqGeJdD6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zvGQMSC9OrIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zF78YgSH2hXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zwMbrc14ckT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zj43o6ZKUQD8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zbtkCd3Tmboj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zmbVp1d8CpTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zPhkuq3BsELh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zj4hnZqKxowg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zrM3nrZlnzd9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zmf7dC5u3r8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zQV4BhJ4c0qf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zfdsXXg7AC22" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90B_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zQrC264tv7u8">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zshvmKGi8tpa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zqYGaUd5YL8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z5iYiW7aSTdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z5e6zUF4cJJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member_zPCwEvUhGHCg">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member_zw58iyJhYJ0h">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100535Member_zDXDRSNy4Y2f">1-866-584-3637</span>).</span></p> 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 NMAX Daily ETF Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zX2p2Gm2qbai" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 NMAX. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zU2uzZcUulMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zP6bJ8xQc7g5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zHOi2hvftxod" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49D_20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member__oef--ClassAxis__custom--C000270371Member_zHY9xgsEye97" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zhv3tz3rX031" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F42_zbL4IaQosLq6">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zdY3cpgmIijf" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zQLz0Cf52Ci6" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4E_zpmAE97tlPz9">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_ziPj9005iSFk" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F45_z4NzZ0BuWcbi">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F05_z5tp9d6RhRu">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F12_zcKAseaSqmng" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F01_zMxRpKPKJ7T6">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zEkhGyW33PS5" style="-sec-ix-redline: true"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member_zEI7fHcaI8uf">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F01_z7nOGIBnw2wa">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F11_zBXeZDWS4rzk" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zkQsAyT65ar6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_904_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member_zMwP4Ckjt9ja">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zV5FQvZELsN2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zNU4OU80HiM4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zEIVisxKsSUc" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zIcFK9iHEVU9" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41C_20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member__oef--ClassAxis__custom--C000270371Member_zjG2fIJW5ssk" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zc7Jrsn7SjKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zGrLOIMvEmMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the media industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Newsmax Inc. is a multimedia company that operates primarily through its conservative news website, cable news channel, digital platforms and related media services. The common stock of Newsmax Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-42575 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A87_eoef--RiskTextBlock_zwuw5EIJ3Z68" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_90C_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z6z1zukhL2fg">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z4ufCgQ3NeW2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 NMAX recently commenced trading, there is limited data on which investors can evaluate the security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zAftQEWtgvb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewsmaxIncInvestingRiskMember_z4A5Vz4Fd9N2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Newsmax Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the media industry, NMAX faces risks that include, but are not limited to: a history of losses and the risk that it may not achieve or sustain profitability, as well as the possibility that its efforts to maintain or improve liquidity may not be successful; changes in consumer behavior, evolving technologies, and shifts in distribution platforms that could adversely affect its business and operating results; declines in advertising expenditures that could significantly reduce revenues; and dependence on a limited number of distribution partners, such that the failure to enter into or renew carriage and affiliation agreements on favorable terms, or at all, could materially harm its business, financial condition, or results of operations. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-42575, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zYZYvkzuTMXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ziDArwAe0Wmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zbbsWzSp8wi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zQH1as7LeGy3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zZDrbENrjWIh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zn6WFaCZPoY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the media industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Media Industry Risk.</i> Companies in the media industry may encounter distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in formulating new products and services using new technology. Media companies are subject to risks that include cyclicality of revenues and earnings, a potential decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, competition in the industry and the potential for increased state and federal regulation. Advertising spending is an important source of revenue for media companies. During economic downturns, advertising spending typically decreases and, as a result, media companies tend to generate less revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z9L0o8BBP0Q4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zSktDouXOtD" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zdrR8BkWnlEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zdLrcsEAE2r4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z0PuZ8akGe9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zpGsQ1CYsjI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zIDRNT4UWem9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zOoHKmjNGhGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z87ctNh2IOTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zZn633L7qzrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zXKrilseh2cg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zQMHrnJWb3d9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zwdrxOwhk5Dd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90F_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zVrM1UKNHLd6">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zUfXOzHsBkH3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z8TVE3EX6665" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zqeVmNiKJhHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zMuAheI4DPej" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member_zuBU47cCPIf2">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member_z7aPSUb1yqZ7">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100547Member_zAb1ZTphkRd8">1-866-584-3637</span>).</span></p> 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 FWDI Daily ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zXH61N5hLQn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zt6LRBRbtYqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zfjjHJwEekFc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zX2OlRuaW4c6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_497_20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member__oef--ClassAxis__custom--C000270362Member_zDrnRB1VVIf5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zq4v09vph638" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4F_z8LNDeotTpxb">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvnCT6z3GeY8" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zENr5hVHbU7j" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F47_zVt9g4D6TCtj">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zopsjH7Wfkm8" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F46_zsLBJyEh5uLi">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F03_zbh73ZI1uthg">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zUYkoEOZiVYg" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0B_zXGrbTpFGPg3">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zPRG8SrTeXeh" style="-sec-ix-redline: true"><span id="xdx_901_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member_zvtkc79Cx35e">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F02_zwfOSVjGm8W4">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F13_zK7j1AS8YxU9" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zAqNb6TwX6Ca" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member_za699odnLlSh">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkG6hUFQzUXk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zojmcPkc3x2f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_zlm1YYUrXVck" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zBF6g8DjT5z7" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41F_20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member__oef--ClassAxis__custom--C000270362Member_z5U3SpP9fwcb" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zMLiQpHA8WP" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zjXrrOYpsvYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the electronic equipment, instruments and components industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Forward Industries, Inc. historically operated as a manufacturing and design company and recently initiated a new strategic direction focused on implementing a digital asset treasury strategy centered on the accumulation and management of Solana (SOL) tokens. The common stock of Forward Industries, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-34780 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><i><span style="text-decoration: underline">Additional Information on SOL</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">SOL is a digital asset that is created and transmitted through the operations of the peer-to-peer Solana network, a decentralized network of computers that operates on cryptographic protocols. No single entity owns or operates the Solana network, the infrastructure of which is collectively maintained by a decentralized user base. The Solana network allows people to exchange tokens of value, called SOL, which are recorded on a public transaction ledger known as a blockchain. SOL can be used to pay for goods and services, including computational power on the Solana network, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on digital asset exchanges or in individual end-user-to-end-user transactions under a barter system. Furthermore, the Solana network was designed to allow users to write and implement smart contracts — that is, general-purpose code that executes on every computer in the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create digital assets other than SOL on the Solana network. Smart contract operations are executed on the Solana blockchain in exchange for payment of SOL. The Solana network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Solana protocol introduced the Proof-of-History (“PoH”) timestamping mechanism. PoH automatically orders on-chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH is intended to provide a transaction processing speed and capacity advantage over other blockchain networks like Bitcoin and Ethereum, which rely on sequential production of blocks and can lead to delays caused by validator confirmations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In addition to the PoH mechanism described above, the Solana network uses a proof-of-stake consensus mechanism to incentivize SOL holders to validate transactions. Unlike proof-of-work, in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validators risk or “stake” coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or “slashing” of a portion of the staked coins. Proof-of-stake is viewed as more energy efficient and scalable than proof-of-work and is sometimes referred to as “virtual mining”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">SOL has no fixed maximum supply, meaning it operates on an inflationary model. Initially, the network launched with 500 million tokens, but this total has increased over time due to inflation mechanisms and staking rewards. The inflation rate started at 8% annually. It decreases by 15% each year until it stabilizes at a long-term rate of 1.5% per year. This inflationary design ensures that new tokens are continuously issued, primarily as rewards for validators and stakers, while some tokens are burned through transaction fees to offset supply growth.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zemBDfZsQqej" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z8hzV1AK5N6h">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zqj5LZhgYMM3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 75.71%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 99.21% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -13.29%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_ztYbR7P4q5Ke" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardIndustriesIncInvestingRiskMember_zFUozYR10pCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Forward Industries, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the electronic equipment, instruments and components, FWDI faces risks that include, but are not limited to: significant exposure to volatility in the market price of SOL tokens; the limited liquidity of digital assets compared to cash and cash equivalents, which may restrict their usefulness as a source of liquidity and limit financial flexibility; operational, technical, and network-related risks associated with staking and managing a large SOL treasury, including potential system failures or disruptions to the Solana network; a history of recurring losses and substantial doubt regarding the company’s ability to continue as a going concern; and risks related to its legacy operations, including reliance on a limited number of customers, such that the loss or reduction of orders could materially impact revenues. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-34780, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zKsNoavpf474" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zzVv3cegwobk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zyNFrRDeJ9j3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z3BC9flr6nYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zDRv5rn2qflc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetsRiskMember_zEd3p4ajKO9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Assets Risk (SOL).</b> The Fund is subject to the digital assets risk due to its investment exposure to FWDI. The market price for SOL is extremely volatile and will likely continue to be volatile. SOL is the native token for the Solana Network and is used to pay transaction fees on the Solana Network and for governance of the Solana Network through voting. Accordingly, the value of SOL is largely dependent on the acceptability and usage levels of the Solana Network and its applications by users. Factors contributing to the volatility of the price of SOL include, but are not limited to, the maintenance and development of the open-source software protocol of the Solana Network, forks in the Solana Network, speculation and consumer preferences and perceptions of SOL specifically and digital assets generally, investment and trading activities of large investors that invest directly or indirectly in SOL, and the fees associated with processing a transaction on the Solana Network, the speed at which transactions are processed and settled on the Solana Network. The price of SOL is also affected by interruptions in service from or closures or failures of major trading venues on which SOL is traded, cloud services, and network latency. As with cryptocurrencies, the price of SOL can also be impacted by malicious actors (e.g., hackers and fraudsters). The perception of the Solana Network will also affect its usage and the price of SOL. The Solana Network’s perception can be affected by any number of factors, including, but not limited to, changes in the governance of the network, loss in faith in certain important developers of by developers, inability to scale efficiently, falling out of favor generally. The price of SOL may also fluctuate in the same direction as the broader cryptocurrency market or a subset of the cryptocurrency market, such as Meme Coins.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z4SMsabwaoi8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the electronic equipment, instruments and components industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Electronic Equipment, Instruments and Components Industry Risk.</i> The electronic equipment and instruments industry is exposed to a variety of risks that can affect operational efficiency, profitability, and market competitiveness. Demand for products is often cyclical and closely linked to broader economic conditions, capital spending trends, and technological innovation cycles. Companies in this industry face significant pressure to continually invest in research and development to keep pace with evolving customer requirements and emerging technologies. Supply chain disruptions, component shortages, and dependence on specialized manufacturing partners can lead to production delays, increased costs, or inability to meet customer demand. Additionally, international operations expose firms to foreign exchange volatility, trade policy shifts, and regulatory compliance across multiple jurisdictions. Intellectual property protection, cybersecurity risks, and the need to comply with environmental and safety standards further contribute to the complex risk landscape facing companies in this industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z3qlsodrk9K3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zTX7q6MB1Wsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z6PcYZ8mqio9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z3VCxqghG71b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zLuweYYaycJi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z4j5D6fb2J47" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z22Sd3JYEm09" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zwsbb83Tuwjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zvbKgHtoGjK8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zH5kNJhg4PC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zfNepmimHEgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zbhtxHYqQUqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zm3iWxN62ukl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_905_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zBPJD5p7Uke7">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zUDzPHueKrPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zWyBZScRtud3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zVDW5sIL4ah9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zmglfc2znWU1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member_ztKGc2aGIwRj">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member_zVD8zZtdOhrc">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100538Member_z3ngrf6RLJva">1-866-584-3637</span>).</span></p> 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 BYND Daily ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zz3IAq2q1Jmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 BYND. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zOI9T14wbJll" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zzsTuLTriYki"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_ztYKAIWKjBz1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49E_20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member__oef--ClassAxis__custom--C000270394Member_zFPCzpIfTpta" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z6UDhboXJQz1" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4B_zW4Zq9WOs3Gf">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zkvOJKE4iwle" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zz0MqkiPtXOj" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F41_zBZAJZiavXI1">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_z2toz1oyH8mj" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F45_zm0SNS2osbB5">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F01_zMhAcSM4Kf5e">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_z0p4kRjd4lNl" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F03_zTeC4uP8NtMj">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F10_zF1B1eAmMe9a" style="-sec-ix-redline: true"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member_zuCLJdaXqro6">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F03_zhRLNnHl5UDb">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_zjYVIafxucU5" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zrEEWpRZxwJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member_zCaxl1fKxhb">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zY9Bbj1f8sU3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z4mVR8P1pwmf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_zOE5JoJBH3Mb" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_z1etSKLnk7K5" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41D_20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member__oef--ClassAxis__custom--C000270394Member_zTLnuw4ZRLu" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zYskAUN55qK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zXUZyuqiXgx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the food products industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Beyond Meat, Inc. is a food company that develops, manufactures, markets, and sells plant-based meat products. The common stock of Beyond Meat, Inc.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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-38879 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A81_eoef--RiskTextBlock_zMpNjjODjNp4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zKsIFSt2wMub">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zD02s8ZGFDWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 79.04%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 94.27% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -45.14%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zNwmPYENjO8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--BeyondMeatIncInvestingRiskMember_zWkIvrk19QXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Beyond Meat, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the food products industry, BYND faces risks that include, but are not limited to: a history of recurring losses and ongoing liquidity pressures; intense competition in the plant-based meat category; adverse and uncertain economic and political conditions in the United States and international markets, including inflationary pressures and potential trade restrictions or tariffs affecting raw materials, ingredients, and finished goods; risks related to food safety incidents or product mislabeling; dependence on a limited number of key products, including the Beyond Burger; changing consumer preferences and the risk of failing to innovate or respond to emerging trends; and volatility in the cost of ingredients, packaging, and production. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-38879, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zoavPi5CaKz3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zhLIwSymRM83" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zRaKZhi26wrg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zpwd2L6eiwua" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zR7g7JWUVqr7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_ztgRiWKv0CR3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the food products industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Food Products Industry Risk.</i> Companies in the food products industry are subject to various risks, including evolving consumer preferences, nutritional and health-related concerns, federal, state and local food inspection and processing controls, consumer product liability claims, risks of product tampering, and the availability and expense of liability insurance. Food products are subject to the risk that raw materials are accidentally or maliciously contaminated or that products are contaminated through the supply chain due to human error or equipment failure. Such incidents may result in loss of market share and loss of revenue for companies in the food products industry. Government regulations may affect the permissibility of using various food additives and production methods of failure to identify and react appropriately to changes in consumer trends, demands and preferences could lead to, among other things, reduced demand and price reduction for a company’s products. Companies in the food products industry may also be adversely affected by changes in domestic or foreign economic conditions, including inflation or deflation, interest rates, availability of capital markets, consumer spending rates, and energy availability and costs (including fuel surcharges).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zYXpktflOoE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zttc1Bncbb9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zP3CUNNY8iv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zx5yvoDjQCml" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z3fOWLtP1fXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zdG9wdkMuF0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z6d2yfDdC0h4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zx0oZ5UMhcy3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zK000fj7qube" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zn8eKfaT4lme" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zVSZ79Zz9f4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zjF34EIoVMdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zYPV5piPIFBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_902_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zRU6lWJMqF76">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zhUkue83MB7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zMp8j7NMZKF1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zxkzFDOR5M88" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zb18WuKDuN9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member_zE8cq7y16xRj">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member_zcTYWtJDZ7E3">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100570Member_zWrqhWTAW8z8">1-866-584-3637</span>).</span></p> 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 HIVE Daily ETF Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zUdm358bsE89" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 HIVE. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zejqWDAVj5Sf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z6Ls8BgFQpIl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zYMKQgNFWDx" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_499_20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member__oef--ClassAxis__custom--C000270366Member_zARS6KCc7yFh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zCYsQHFmpuX3" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4D_zXNQ57Cn9FYf">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_ziX92cdKNET7" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zSxx9CR30x2c" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4D_zUr7JIjvt6y6">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zxEoJU4kgmc3" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F40_zGPKtA5KOu29">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F01_zP9B4p4V1yDd">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zPo0UEaJT5Fa" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F03_zDs5cQmx4GF4">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1C_zhbJ204wGfu1" style="-sec-ix-redline: true"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member_zV2hOT7xlE6b">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0F_zRJ8yFQU0ad9">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_zIESt6Guc7v4" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zCEzkH8WKHy4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_904_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member_zeIRfmmXBq8">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0TYCz9aBIX2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zXKrFtIUhbT2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_z3EkRCSgevbk" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zJgdydSpkDIj" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_417_20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member__oef--ClassAxis__custom--C000270366Member_zGf9ItUgsHp4" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zh1bZ3GzkD2k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zXlfCF4uNYZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">HIVE Digital Technologies Ltd. builds and operates large-scale, renewable-powered data center infrastructure to support digital asset mining operations, including mining for its own account. HIVE also operates a high-performance computing (HPC) business, leveraging its data centers to provide cloud computing services for artificial intelligence (AI), machine learning, and data analytics workloads. The common stock of HIVE Digital Technologies Ltd. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40398 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of Bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new Bitcoin and through transaction fees paid by users in Bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “Bitcoin,” the unit of account on the Bitcoin network ledger. The value of Bitcoin is determined, in part, by the supply of, and demand for, Bitcoin in the global markets for trading Bitcoin, market expectations for the adoption of Bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept Bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the Bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new Bitcoin and the cryptographic system that secures and verifies Bitcoin transactions.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_z7JAcOdxv193" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_902_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zX7FJwEP76Rj">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zb9YsgPYAnJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 114.20%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 156.84% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 50.84%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zpBnqdXY53Qk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HiveDigitalTechnologiesLtdInvestingRiskMember_zwXn2gnG4jMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>HIVE Digital Technologies Ltd. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the software industry, HIVE faces risks that include, but are not limited to: volatility in cryptocurrency prices, which may materially affect revenues and the value of digital assets held on its balance sheet; operational risks associated with large-scale data center and digital asset mining operations, including hardware failures, downtime, or disruptions to energy supply; risks related to the development, deployment, and market adoption of its HPC infrastructure for AI and machine learning workloads; concentration risks arising from reliance on a limited number of mining facilities or data center sites; and risks related to energy costs, availability, and sustainability associated with renewable and non-renewable power sources. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-40398, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zmQ8DP6Glm5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zAmLR5YeDAFg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zWIlTbOETImf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zOtQqk1qupd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zbiqnxW7blz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Bitcoin Risk.</b> Investments in the Underlying Security exposures investors to Bitcoin risk, which involves significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to Bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of Bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for Bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined Bitcoin, Bitcoin exchanges, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to Bitcoin-linked investments. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">There is a lack of consensus regarding the regulation of Bitcoin and its markets. As a result of the growth in the size of the Bitcoin markets, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users and digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets may alter, perhaps to a materially adverse extent, the nature of an investment in a digital asset. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetMiningRiskMember_zZPWCvqyxyI" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Asset Mining Risk</b>. Blockchains, such as the Bitcoin network, are maintained and secured by a group of validators who “mine” the digital asset. This involves contributing computer power to the network to validate transactions, maintain security, and finalize settlement. As a miner of Bitcoin and other digital assets, the Underlying Security faces risks related to price volatility. Miners are paid in the underlying digital asset, so a drop in the market value of the digital asset would reduce revenue. Higher energy costs require significant electricity to power computers, which is a significant operating expense for miners. In addition, significant investments in mining hardware and equipment are necessary to keep up with industry standards and competitors. Damage to equipment, hijacking of computing resources, malware, and theft of mined digital assets can occur, as can hardware failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zVlbwBwkKev1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zUWZjrHaLsdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zgSfWrL6wzOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zHeLXbJ42eil" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zeGipJiAtwae" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zxxQNezKmmzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zenBBsvILAyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zxcOn3yIzuil" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zKDTkCxIIL6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zlLoIc9ig3ha" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zBFH6kaC5LFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z9RQ3ebw5B7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zNBKIAAPXLZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zMVC8YK2BuN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zi2FtTVCLZNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zxd79cWO9PFd">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zzn1UUMMCOYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zYk7P8AMrzJ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z8oMlu7xGaPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_z7DmfFsd7BD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member_zg51O4hCYtN3">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus</span>. 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 <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member_zDTVbJd5iNt5">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100542Member_zgh2Fvr76e92">1-866-584-3637</span>).</span></p> 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 BTBT Daily ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z75nUIg0G0f5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 BTBT. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_z0V3SyZWLQD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zaKctUnauaI9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zdeZSDbtOZOh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_499_20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member__oef--ClassAxis__custom--C000270390Member_zq1Dma4sNLV2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z3tRe1N27NDb" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F44_zRCYGlEjTOs7">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzbjhn8Whai8" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zz6mqTPYZsle" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F41_zmf9PoHyU5s5">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zq43E7ZKoxx6" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F42_zP4ZCIImEJnd">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F05_zs2QUqCMXo36">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_z4OyBkNboN4c" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F00_zy3iWx80KEbg">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F11_z0ji43lrHhSi" style="-sec-ix-redline: true"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member_ziysHYTe06Oh">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F09_zgxHtImk1ub5">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F17_z1Uau1dECwqb" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zhMSmHk7JGxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_903_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member_zFrgdu1RoI5c">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zW4VetR1l5Qe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zG77rTpKnce5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_zgHMQrEyO5Wk" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zYLTf3k3Jlyk" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41A_20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member__oef--ClassAxis__custom--C000270390Member_zOAEevnegCf5" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zgW8DnwuX7K8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zguuQeqjUbP1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Bit Digital, Inc. is a technology company that has evolved from being primarily a Bitcoin mining business to a more diversified digital asset and infrastructure platform. The company (i) provides high-performance computing (HPC) and GPU-based infrastructure for artificial intelligence (AI), machine learning and data analytics workloads; (ii) accumulates and stakes Ethereum as part of its digital asset treasury strategy, and (iii) continues to operate Bitcoin mining operations, which represents a smaller portion of total revenue. The common stock of BTBT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-38421 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of Bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new Bitcoin and through transaction fees paid by users in Bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “Bitcoin,” the unit of account on the Bitcoin network ledger. The value of Bitcoin is determined, in part, by the supply of, and demand for, Bitcoin in the global markets for trading Bitcoin, market expectations for the adoption of Bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept Bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the Bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new Bitcoin and the cryptographic system that secures and verifies Bitcoin transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><i>Additional Information on Ether</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Ether is a digital asset. The ownership and operation of Ether is determined by participants in an online, peer-to-peer network sometimes referred to as the “Ethereum Network.” The Ethereum Network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Ethereum Network. This is commonly referred to as the Ethereum Protocol.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The value of Ether is not backed by any government, corporation, or other identified body. Instead, its value is determined in part by the supply and demand in markets created to facilitate the trading of Ether. Ownership and transaction records for Ether are protected through public-key cryptography. The supply of Ether is determined by the Ethereum Protocol. No single entity owns or operates the Ethereum Network. The Ethereum Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as “validators”), (2) developers who propose improvements to the Ethereum Protocol and the software that enforces the Protocol and (3) users who choose which version of the Ethereum software to run. From time to time, the developers suggest changes to the Ethereum software. If a sufficient number of users and validators elect not to adopt the changes, a new digital asset, operating on the earlier version of the Ethereum software, may be created. This is often referred to as a “fork.”</span></p> <p id="xdx_A86_eoef--RiskTextBlock_zkVMQjWoqyDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_90E_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zryzZTwiRYw4">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zYWJW1CSlPgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate since inception of trading on March 25, 2020 through the period ended December 31, 2024 (the “Period”) was 147.53%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 211.70% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 54.76%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zWdQIz1xdN2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitDigitalIncInvestingRiskMember_zwVsKwFsUcid" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Bit Digital, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the software industry, BTBT faces risks that include, but are not limited to: increasing reliance on WhiteFiber, a high-performance computing and GPU cloud business in which it holds a controlling ownership interest and which was separated into a standalone business in August 2025; substantial concentration of treasury assets in Ethereum, exposing the company to price volatility and technical, operational, and regulatory risks associated with ETH staking activities, including potential slashing events; a history of operating losses and significant non-cash gains or losses resulting from fluctuations in digital asset prices; the declining contribution and wind-down of its legacy Bitcoin mining operations; and risks associated with its transition to U.S. Domestic Issuer status, which may increase regulatory reporting, compliance costs, and internal control requirements. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-38421, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zaFqtryXCMFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zc4Nxz1vTiO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zcZmhcPZVL3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zHn9wAXAguSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zr3Es7nqlLUg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetsRiskMember_zdi51NaLS4jb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Assets Risk (Bitcoin and Ether).</b> The Fund is subject to digital assets risk due to its investment BTBT’s holdings of digital assets. The trading prices of many digital assets, including Bitcoin and Ether, have experienced extreme volatility and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or Ether, could have a material adverse effect on the Fund. Bitcoins and Ether are bearer instruments and the loss or destruction of a private key required to access Bitcoin or Ether may be irreversible. If a private key is lost, destroyed or otherwise compromised and no backup of the private key is accessible, the owner would be unable to access the Bitcoin or Ether corresponding to that private key and the private key will not be capable of being restored by the digital asset network. Digital asset networks and the software used to operate them are in the early stages of development. Given the recentness of the development of digital asset networks, Bitcoin or Ethereum networks may not function as intended and parties may be unwilling to use Bitcoin or Ether, which would dampen the growth, if any, of digital asset networks. Governance of many digital asset networks, such as the Bitcoin Network, are by voluntary consensus and open competition. As a result, there may be a lack of consensus or clarity on the governance of the Bitcoin or Ethereum Network, which may stymie the Bitcoin or Ethereum Network’s utility and ability to grow and face challenges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">There is a lack of consensus regarding the regulation of Bitcoin and Ether and their respective markets. As a result of the growth in the size of the Bitcoin and Ether markets, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users and digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets may alter, perhaps to a materially adverse extent, the nature of an investment in a digital asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zbrZi05ZOx9g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_za4fimCA5Js6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zTtS5SEWgeGc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zaPZ02nj85a9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zEFKHHCAjcEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zSqcv64RyZwg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zo4YxSaxkXU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zeGuVDVTjrh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zqdkVjsO4YUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zK91kaxbfITa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zD7sbcrmdH7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_ztVrdeqNEQo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zVUfQ3RPDd4i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zocO1jbq7Lla" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z80Viu7O5drg">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.</span></span></p> 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. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_ztpNBbDypRGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zw2FAHVSwIlk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zC55DC4qC1tk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zWrvGxJy4Y74" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member_zFhadW3GydHd">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member_zabJBZXLprC8">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100566Member_zdh9BXjBRGa2">1-866-584-3637</span>).</span></p> 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 WULF Daily ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zP2PbB9uNsT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 WULF. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zsX6RkvtZJJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z4H79VUe8jra"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zHfKOHhmkyXf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_495_20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member__oef--ClassAxis__custom--C000270387Member_z8I1ea0Yr7L7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z9awyQPNhMRg" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F44_zn5nvmY46kF5">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zw3rcI7TmLla" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zDNlrAsBq8ma" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4C_zm9nOYNqtuM8">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zElhIYX4DBU" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F47_zyeIy9jG5Zr5">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0A_zjPEImJzoks4">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_zONueI8pp5El" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F01_zzpzI0aOtkI">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_zakAhqdbxm9g" style="-sec-ix-redline: true"><span id="xdx_90E_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member_zkr8aUag5Af4">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F06_zDbd8BEvawze">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zhODL0fJNcLk" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zx67vjNDzRid" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member_zc7dx1a82T7b">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvE0KhGq7V9l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zUBPcj4qQ9O1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zooHPQFqEYi" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_z749AhWzahC5" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_411_20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member__oef--ClassAxis__custom--C000270387Member_zbqiAf4plpZf" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zk84mcfMGFWe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zMMYzttrTkfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">TeraWulf, Inc. is a digital infrastructure company focused primarily on Bitcoin mining, operating environmentally sustainable data centers powered predominantly by zero-carbon energy sources. The company is also evaluating opportunities to expand its data center infrastructure to support high-performance computing and artificial intelligence workloads. The common stock of WULF is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission (“SEC”) by the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41163 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_zvaC26KqaIMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_906_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zEJF4MximRS9">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zjvD50aIEyhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 124.13%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 151.26% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -0.32%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zVtHEKNGs6qh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TerawulfIncInvestingRiskMember_z6dSPG1n8S68" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>TeraWulf, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the software industry, WULF faces risks that include, but are not limited to: its ability to successfully execute its HPC and AI infrastructure strategy, which may not perform as planned or achieve anticipated margins; significant leverage and debt service obligations arising from recent senior and convertible debt financings; substantial customer concentration risk related to its long-term hosting agreements with a limited number of counterparties; ongoing operational and construction risks related to the expansion of its Lake Mariner and Abernathy facilities, which could lead to cost overruns or delays in revenue commencement; challenges in global supply chains for high-density compute equipment; and to a lesser extent, risks associated with maintaining Bitcoin mining operations, including the ability to achieve targeted hash rates and managing power costs. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41163, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_znl3FiEH0TI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zw8bwqaw9Svc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z5Fwvlo4aL85" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z2a5v4M3alWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zdYBDHIbDrAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetMiningRiskMember_zShqy6NGG7Vg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Asset Mining Risk</b>. Blockchains, such as the Bitcoin network, are maintained and secured by a group of validators who “mine” the digital asset. This involves contributing computer power to the network to validate transactions, maintain security, and finalize settlement. As a miner of Bitcoin and other digital assets, the Underlying Security faces risks related to price volatility. Miners are paid in the underlying digital asset, so a drop in the market value of the digital asset would reduce revenue. Higher energy costs require significant electricity to power computers, which is a significant operating expense for miners. In addition, significant investments in mining hardware and equipment are necessary to keep up with industry standards and competitors. Damage to equipment, hijacking of computing resources, malware, and theft of mined digital assets can occur, as can hardware failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zHWoWHN2VpWi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zUJ66NhmLQQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zpfoAiVAXJwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zG8WxJ8FOOYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z349Eq6WLBSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zAqhBQlrb8be" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zKeOSO4heKK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zU7Ac4DBHed" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zvsh44GZgnZc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zigcL97XL8Nk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z6UwBQlziaWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zCVcotwy6jS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zspuSecaM8qg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zve2dcAk1jgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90A_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zZY8SyqN0xW5">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zSaQl1iTeMYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVzBKfFMLsKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zlf5f3MXoPU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zltRHiJm8Lcb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member_z8DqSiFaoY4j">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member_z5Wr50OziJV2">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100563Member_zqrzDrE7siXk">1-866-584-3637</span>).</span></p> 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 BTDR Daily ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zHWqXFzNgFZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 BTDR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zfX3vbfJv6Y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z7C2IIfYSL3g"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zLJ5tpmxwfmf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49A_20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member__oef--ClassAxis__custom--C000270393Member_z6jn75cxTjs4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zR7mBPLsOOb2" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F46_zDt65xWthTu9">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zljj9qejgplc" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zX58KThixyE5" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F40_zLytEOOlPB63">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zGKoTM9x58V2" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4D_zlbhpG6W5WMb">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0D_za2Jzd7h8Ap1">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F16_zr1423zh0Qhf" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0A_zfzdPbZ3iyzb">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F13_z7qajRnYPqR1" style="-sec-ix-redline: true"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member_z8U4V6rF41El">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F09_zGCBJ2wRlNA7">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zRlPrkqQL9t3" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zxWkSRsNTzn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_902_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member_zQNaORpYuoE4">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zshDvPAbbX76"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z34Xv3X5TkAb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_zCHin76Bwwqb" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zGkpOhkn2mce" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41B_20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member__oef--ClassAxis__custom--C000270393Member_z0YzHWhVN62g" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zxCdpyfVqfw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zFm9DpegBQn" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitdeer Technologies Group is a global digital infrastructure company that provides computing solutions and solutions primarily for the blockchain industry, with strategic initiatives to support artificial intelligence (AI) and high-performance computing (HPC). The company operates a vertically integrated business model spanning self-mining of Bitcoin, hash rate sharing, hosting services, and the development and operation of data center infrastructure. BTDR also maintains Bitcoin treasury assets. The common stock of BTDR 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41687 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_z8Cr9an1cXf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_902_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z1SdBt1MIxtd">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zpCD2RTafBl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate since inception of trading on July 28, 2021 through the period ended December 31, 2024 (the “Period”) was 96.07%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 133.03% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 21.33%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z3T5hlvOguDi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitdeerTechnologiesGroupInvestingRiskMember_zCd2hRlhOxm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Bitdeer Technologies Group Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the software industry, BTDR faces risks that include, but are not limited to: execution risks associated with the mass production of its proprietary SEALMINER ASIC hardware, where failure to meet efficiency targets could harm fleet profitability; risks related to the successful conversion and commercialization of its power infrastructure for HPC and AI data center use, its revenues and profitability being highly sensitive to fluctuations in the price of Bitcoin; its capital-intensive business model, which requires substantial and ongoing investment in mining equipment, data center facilities, and power infrastructure; and its reliance on access to low-cost electricity, such that increases in energy prices, supply constraints, or power interruptions could materially and adversely affect its operating results. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41163, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zncOA7nbwoMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z7j0JFvajj6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zyczmq6j8vm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_ztJhbk2Vg01a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zmb3wM3ByWMk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zEfEoZghKvZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Bitcoin Risk.</b> Investments in the Underlying Security exposures investors to Bitcoin risk, which involves significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to Bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of Bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for Bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined Bitcoin, Bitcoin exchanges, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to Bitcoin-linked investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">There is a lack of consensus regarding the regulation of Bitcoin and its markets. As a result of the growth in the size of the Bitcoin markets, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users and digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets may alter, perhaps to a materially adverse extent, the nature of an investment in a digital asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetMiningRiskMember_zHWcWpZYnZUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Asset Mining Risk</b>. Blockchains, such as the Bitcoin network, are maintained and secured by a group of validators who “mine” the digital asset. This involves contributing computer power to the network to validate transactions, maintain security, and finalize settlement. As a miner of Bitcoin and other digital assets, the Underlying Security faces risks related to price volatility. Miners are paid in the underlying digital asset, so a drop in the market value of the digital asset would reduce revenue. Higher energy costs require significant electricity to power computers, which is a significant operating expense for miners. In addition, significant investments in mining hardware and equipment are necessary to keep up with industry standards and competitors. Damage to equipment, hijacking of computing resources, malware, and theft of mined digital assets can occur, as can hardware failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zw1G2sFunj2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zNix3YzqS3Dj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zLkIEz9Mniig" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zOUqOExGyHXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zXQbb5jqY0Oa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_znnx46LAXkA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zPgtLKaVdLoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zMFwt6PPktDb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z3OdLtm0doCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zLkZeciOSF4a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z8Y2SizrKasc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zPvNUZEWrfee" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zbU7LeM7FUcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zLNdxX7RD3m8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_905_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zLlStvsn5TI4">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z7cWIWL43uAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zNPQxqsLdimj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z9tKqSSNRn4g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zYVK9IsNQU63" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member_z41oMc6NW0f9">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member_z6vTCT5vVjG">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100569Member_zbubPKdf0JKa">1-866-584-3637</span>).</span></p> 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 CORZ Daily ETF Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zi8YfF064EUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 CORZ. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zYV0k9jx1EV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z4zaB9wlkcw5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_z9sk58jSVIF9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49A_20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member__oef--ClassAxis__custom--C000270396Member_zJzpay0oeTYb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z2jdk9lSCyqi" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F43_zw15q7UaS1Pg">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTrxUCuAoxu9" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zKWKB5FTKRji" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4F_zuHfggmb6F1l">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zNgI6F7Cdeqa" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F49_zIgKVS2NXnth">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0F_zMVBTXvTi5V9">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zgQV55RK4sui" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0D_z9XN4j59epdf">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F11_zMNWeMdctqi7" style="-sec-ix-redline: true"><span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member_zOm0IUFtMwqd">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F08_zOqxTdQB4Ske">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F19_zquOPJwXG5Y8" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zfL7ZrQZEJa4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90F_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member_zD22YdMQVVRj">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4qlbgK4estg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zFRhkERBFEna" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zDX7Wy20Gmg8" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zsE2GrshigHf" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41E_20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member__oef--ClassAxis__custom--C000270396Member_z7sosGLztLw" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zkg66VRiSfcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zm9aO16y5rVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Core Scientific, Inc. has been a major Bitcoin mining operator and is currently expanding its business to become a significant provider of high-performance computing (HPC) and artificial intelligence (AI) workloads. The common stock of CORZ 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40046 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_zaLMzPp2Jwi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_909_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zq1R0hdCMMWj">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zhgho55Pfut3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate since inception of trading on January 24, 2024 through the period ended December 31, 2024 (the “Period”) was 93.66%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 93.46% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 308.43%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zlPGB2bKqd77" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CoreScientificIncMember_zdnJ518Ujddb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Core Scientific, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the software industry, CORZ faces risks that include, but are not limited to: uncertainties and strategic consequences related to the recently terminated merger agreement with CoreWeave, which did not receive required shareholder approval; execution and capital-intensive risks associated with converting its facilities from Bitcoin mining to high-density colocation and HPC infrastructure; potential revenue variability during this strategic transition; reliance on a limited number of significant customers for its colocation and hosting revenues; and substantial financial leverage and stockholders’ deficit, which may constrain liquidity and financial flexibility. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-40046, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zQso3tQPpovd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zI50QLMuSiuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zMygMRGy7Jid" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zVL7iSOxGQZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zfij0hAB4tE5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zNZGy67JQT0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetMiningRiskMember_zyKjBzyQc966" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Asset Mining Risk</b>. Blockchains, such as the Bitcoin network, are maintained and secured by a group of validators who “mine” the digital asset. This involves contributing computer power to the network to validate transactions, maintain security, and finalize settlement. As a miner of Bitcoin and other digital assets, the Underlying Security faces risks related to price volatility. Miners are paid in the underlying digital asset, so a drop in the market value of the digital asset would reduce revenue. Higher energy costs require significant electricity to power computers, which is a significant operating expense for miners. In addition, significant investments in mining hardware and equipment are necessary to keep up with industry standards and competitors. Damage to equipment, hijacking of computing resources, malware, and theft of mined digital assets can occur, as can hardware failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zbtIfwlunKkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zGdzC75jxaCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zd4AsssTxAT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zxtnM4NQkuOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zeBqRSHg3rV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zZsLN7Pi61dg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zBQxumxPSWk9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zdxIrAdV9Awk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zHyUdLblAral" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z5ZMfqtdAihd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zJpgZ9fTRL53" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z0acwuKrFYrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zGPg6KEaQcr2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zrk5wnvVsdo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_901_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z96Sx81Qpx9c">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z0uRb0D3OdVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z54cn38uHONk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z9iFBnCHeXlk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zivtL2svuWdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member_zBcCUvrFFYug">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member_zpxWXCo53v1f">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100572Member_z7cA1atvrgX7">1-866-584-3637</span>).</span></p> 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 HUT Daily ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zzZFQQGJAi5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 HUT. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zulsNMmp5c1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zCtRDLWVSUGi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_z1ryvaZK7bIh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_495_20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member__oef--ClassAxis__custom--C000270367Member_zRL1eHkQRBka" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zZpD3CFNyND4" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F48_z5nUCmCkTvu2">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z2rYBy61rXY6" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z9mKaYjTqhG7" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F47_z3k6VyUY2mT6">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_z1Vb1pefahud" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F40_zb04IalFZSo7">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F0F_zAA0D4xBKA5k">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zE6azaOKo9Uj" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0E_zwmk2I37bX9b">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1F_zjqUiMvlGpGl" style="-sec-ix-redline: true"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member_zYA6ZrWlxHF6">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F04_zu2b2Oj0PU1e">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F14_zSDRIXglCzb" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zDbeynoVS9fa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90C_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member_zXhNSh8jFFKe">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zn4GKjuoXCo4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zEJPm385uwWc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zsUWQjo4S28d" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zIHtLy2ucf6j" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41E_20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member__oef--ClassAxis__custom--C000270367Member_z8pfQfbADm1a" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zpHmufandWI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_z8jUk5jCtPWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Hut 8 Corp. is a diversified energy infrastructure platform that integrates power generation, digital infrastructure, and computing resources to support applications such as Bitcoin mining and, increasingly high-performance computing (HPC) for artificial intelligence (AI). While Bitcoin mining remains a primary revenue driver, the company is expanding its HPC/AI workloads. The company operates a portfolio of data centers and power assets across the United States and Canada. The company also engages in Bitcoin mining but has spun off its mining business into a subsidiary. The common stock of HUT 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41864 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><i>Additional Information on Bitcoin</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin is a digital asset that is created and transmitted through the operations of the online, peer-to-peer Bitcoin network, a decentralized network of computers that operates on cryptographic protocols. The ownership of bitcoin is determined by participants in the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. Bitcoin, the asset, plays a key role in the operation of the Bitcoin network, as the computers (or “miners”) that process transactions on the network and maintain the network’s security are compensated through the issuance of new bitcoin and through transaction fees paid by users in bitcoin.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">No single entity owns or operates the Bitcoin network. Bitcoin is not issued by any government, by banks or similar organizations. The infrastructure of the Bitcoin network is collectively maintained by a decentralized user base. The Bitcoin network is accessed through software, and software governs the creation, movement, and ownership of “bitcoin,” the unit of account on the Bitcoin network ledger. The value of bitcoin is determined, in part, by the supply of, and demand for, bitcoin in the global markets for trading bitcoin, market expectations for the adoption of bitcoin as a decentralized store of value, the number of merchants and/or institutions that accept bitcoin as a form of payment and the volume of private end-user-to-end-user transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Bitcoin transaction and ownership records are reflected on the “Bitcoin blockchain,” which is a digital public record or ledger. Copies of this ledger are stored in a decentralized manner on the computers of each Bitcoin network node (a node is any user who maintains on their computer a full copy of all the bitcoin transaction records, the blockchain, as well as related software). Transaction data is permanently recorded in files called “blocks,” which reflect transactions that have been recorded and authenticated by Bitcoin network participants. The Bitcoin network software source code includes protocols that govern the creation of new bitcoin and the cryptographic system that secures and verifies bitcoin transactions.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_zs7AtWE08ifj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_90D_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zcTbkc4iZ0rh">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zpF1tqjGajb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 124.35%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 153.41% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 38.60%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z3pEJEyKJMy6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--Hut8CorpInvestingRiskMember_zMWjzQfgEg9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Hut 8 Corp. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the software industry, HUT faces risks that include, but are not limited to: exposure to valuation volatility related to its majority ownership in American Bitcoin Corp., whose equity value may fluctuate significantly; concentration of assets in a substantial Bitcoin corporate treasury, which exposes its balance sheet to extreme asset price volatility; and risks associated with the use of leverage and credit facilities to finance energy and digital infrastructure investments, including increased sensitivity to market conditions, liquidity constraints, and refinancing risk. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41864, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zeQN5thwb6m9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zmeR3ydWM9M6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zqqPNkBmAqUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z5qGmvCeJxUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z3ZBTh5dxKG1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_zKrGt5o7f21l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Bitcoin Risk.</b> Investments in the Underlying Security exposures investors to Bitcoin risk, which involves significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to Bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of Bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for Bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined Bitcoin, Bitcoin exchanges, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to Bitcoin-linked investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify">There is a lack of consensus regarding the regulation of Bitcoin and its markets. As a result of the growth in the size of the Bitcoin markets, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service, state financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users and digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets may alter, perhaps to a materially adverse extent, the nature of an investment in a digital asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetMiningRiskMember_zVPrOk4GpJY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Asset Mining Risk</b>. Blockchains, such as the Bitcoin network, are maintained and secured by a group of validators who “mine” the digital asset. This involves contributing computer power to the network to validate transactions, maintain security, and finalize settlement. As a miner of Bitcoin and other digital assets, the Underlying Security faces risks related to price volatility. Miners are paid in the underlying digital asset, so a drop in the market value of the digital asset would reduce revenue. Higher energy costs require significant electricity to power computers, which is a significant operating expense for miners. In addition, significant investments in mining hardware and equipment are necessary to keep up with industry standards and competitors. Damage to equipment, hijacking of computing resources, malware, and theft of mined digital assets can occur, as can hardware failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zFm8XPyXxzRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_z1b6cbH9YE7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zhUWjK3Ni46f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zSG2auIHJMsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z5ZX9iYXsIAj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zpQ705Zphyc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zIJJ5Ejkl2rg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zGYRPmZQ4fwb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zyqYiap6hyb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zsvXMyMinsm1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zr8hGm2HiU98" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zoX6Tzbx2U5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zczWVXI3OW34" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zAQ1rLCouF38" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zF1DzAXKunJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zMN6XxlAf3Z7">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zKt2mXphcakf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zxEdIMjYt5U7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zplo1XWDcYTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</p> Fund Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zoLvsWJYqFVf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member_zo809Ux5lPV1">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member_zZzVbLTOZhb5">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100543Member_zrj31WnPtXv9">1-866-584-3637</span>).</p> 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 BTCS Daily ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_z1XBB1SQ8FKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 BTCS. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z6QjwzU5Zvz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z27jnUYnTJy5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zbqqKUQemzO4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_499_20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member__oef--ClassAxis__custom--C000270392Member_zohpwVUoee8i" 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_407_eoef--ManagementFeesOverAssets_dpn_zNVClgHK3FWg" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4E_z30plRJAjuxe">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zkbBbYEwRBe9" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zJRD8b0RkrDi" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F49_zOePsMlngoV8">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zQCIUoG7Cgye" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F47_zOuINH415GM4">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F0B_zKiAcBzX8ut2">1</sup> </td> <td id="xdx_F12_zPsaKSnburAa" 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"><sup id="xdx_F0C_zfmJhIFz4o2l">2</sup> </td> <td id="xdx_F1F_z9YhsuXDmHwf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member_zjMOE8UEltXb">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F04_zmqSFdkeXAyl">3</sup> </td> <td id="xdx_F1F_zT9mdSj9PoC1" 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 <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zsDNcFqOVXpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_90C_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member_z4NsZprCcq61">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXNJJIVB2bXb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zgCqlvyrbpu2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zI4YKnhbk8F8" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zwEusvPIu5c2" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_417_20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member__oef--ClassAxis__custom--C000270392Member_zKYoT78IJibi" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_z6GuEGc2NXil" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_z8uM7ITmDg95" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">BTCS, Inc. operates Ethereum blockchain infrastructure, including validator and block-building services on Proof-of-Stake networks, and develops complementary blockchain technology products. The common stock of BTCS 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40792 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"><i>Additional Information on Ether</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; -sec-ix-redline: true">Ether is a digital asset. The ownership and operation of Ether is determined by participants in an online, peer-to-peer network sometimes referred to as the “Ethereum Network.” The Ethereum Network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Ethereum Network. This is commonly referred to as the Ethereum Protocol.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; -sec-ix-redline: true">The value of Ether is not backed by any government, corporation, or other identified body. Instead, its value is determined in part by the supply and demand in markets created to facilitate the trading of Ether. Ownership and transaction records for Ether are protected through public-key cryptography. The supply of Ether is determined by the Ethereum Protocol. No single entity owns or operates the Ethereum Network. The Ethereum Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as “validators”), (2) developers who propose improvements to the Ethereum Protocol and the software that enforces the Protocol and (3) users who choose which version of the Ethereum software to run. From time to time, the developers suggest changes to the Ethereum software. If a sufficient number of users and validators elect not to adopt the changes, a new digital asset, operating on the earlier version of the Ethereum software, may be created. This is often referred to as a “fork.”</p> <p id="xdx_A8E_eoef--RiskTextBlock_zUmwPd1Wu6d3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z3jzrBmxGH4g">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zwA7cPBHCax" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 156%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 216.49% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 30.89%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z1YydBz8i8li" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BTCSIncNASDAQBTCSInvestingRiskMember_zysDDYmBLVV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b> BTCS Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the blockchain technology industry, BTCS faces material risks including: significant concentration in the Ethereum ecosystem, as its Ethereum-focused strategy and substantial ETH treasury expose its valuation and results of operations to fluctuations in the price, technical performance, and adoption of the Ethereum network; liquidity and liquidation risks arising from its capital strategies that utilize decentralized finance protocols to borrow against digital asset holdings, which may result in forced liquidations during periods of market volatility; execution and competitive risks within its block-building and validator operations, including the potential failure to effectively capture MEV or the occurrence of slashing events; and the risk of substantial shareholder dilution resulting from the use of equity issuances and convertible securities to finance operations and asset growth. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-40792, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--BlockchainRiskMember_zcFBFtHl0o6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Blockchain Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zXS6cYFSBZad" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z6jEwVcPFhYc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b>Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zfZTHCw86DY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zxP5hepq8QD8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zyaKDfZWx0D4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zYaoM1SEwO9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zDA1HYT7RWZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zKRpJTwW6EOf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zFF92AYyFwFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zKFGqZoLIF5b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z0WpM47Z3VFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zqNMVD2nlYxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_z2WAbEtVWwjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zFIFNrffBUE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zzBQMuMJab7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zMnf98f5ehy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zB2Oo3iWrmj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z7xMv5zHCBBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zww7o7adI4T3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_905_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zLYOGp6cJgpi">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z8f0kEfgoKFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ztPN1bb6RKFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zUcZC7wTVPG" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zWfeSUhc1Mge" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member_zQ05AAY6kLJf">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member_zMVdfnr5DzRa">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100568Member_zkpHjGu2jaK3">1-866-584-3637</span>).</span></p> 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 ZS Daily ETF Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_ztyTbVVFtFyc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 ZS. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zCzGI21TsOjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zhY31Yawt8c"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zeXlvUjBAZ8i" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member__oef--ClassAxis__custom--C000270389Member_ziKZfHDvaoV9" 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_407_eoef--ManagementFeesOverAssets_dpn_zpqWXjVpSv1k" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F41_zYOGXoDNuXX3">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zx7tpjywcr87" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z7zvHSqjbkDk" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4D_zKhSbuJbHYHi">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zV77kJZeNTMl" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4A_z90SqYGutrg6">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F04_zpgvKxq0ALRd">1</sup> </td> <td id="xdx_F15_zkAmy9jUwXG6" 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"><sup id="xdx_F0E_zZKn8xNojwW7">2</sup> </td> <td id="xdx_F13_zD9cLqg9bvH7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_901_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member_zzbrhh7nQUj7">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F05_zCfTyHuerwu2">3</sup> </td> <td id="xdx_F1E_zUN8piioR4Qi" 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 <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zX0Q535OSotj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member_zC53VdjZCqLh">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7bBa0gfEMW2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zTnXIQ8sj4Oi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zMd5idhCDaU1" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zkzwKycRQkJb" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_41A_20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member__oef--ClassAxis__custom--C000270389Member_zAzeZ3PtSr5e" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zJOqzcMx7Ws6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_z8yVKqLEBZA" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the software industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Zscaler, Inc. engages in the provision of a cloud-based internet security platform. As of late 2025, the company has expanded its platform to address enterprise artificial intelligence (AI) security use cases, including Zero Trust access controls, automated governance, data protection and AI-enabled security operations designed to secure the enterprise AI lifecycle. The common stock of ZS 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-38413 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A81_eoef--RiskTextBlock_z3HnE46m0eG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90B_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zG6y2umyLWC2">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_ztkVtXuDbX79" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 58.60%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 75.89% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 30.68%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zJcnlbTuHWsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZscalerIncInvestingRiskMember_zaYlViOkrskj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Zscaler, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the software industry, ZS faces risks that include, but are not limited to: a history of annual net losses and the possibility that it may not be able to achieve or sustain profitability in the future, particularly as it increases investments in research and development to address the evolving AI-threat landscape; reliance on continued adoption of its cloud platform to drive growth, and the risk that its recent rapid revenue growth may not be indicative of future performance as the company scales toward its long-term financial targets; risks that customers may not renew subscriptions or expand usage of additional users and services, which could adversely affect operating results; significant risks related to the integration of the Red Canary and SPLX acquisitions, including the challenges of unifying disparate technical architectures and transitioning from a pure software-as-a-service model to a human-led managed detection and response and AI-governance service model; and risks associated with the rapid development of AI-specific protection tools; and any failures in its platform to detect or prevent security threats could harm to its reputation or financial condition. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-38413, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zX30GaU0zbQh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zPfzaR7ZFcna" style="font: 10pt Times New Roman, Times, Serif; margin: 0; -sec-ix-redline: true; text-align: justify"><b style="-sec-ix-redline: true">Counterparty/Collateral Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; -sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zmIzOpkRpdJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zmBbgmCv7Gd5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zqoQMEDfyaX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zorFr6Q6CxLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the software industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Software Industry Risk.</i> Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; -sec-ix-redline: true; text-align: justify"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zeDUKgEu42j2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8BAVlXVEXFi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zZlTH1E3voNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zsbhdyXuuZx4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z0dQeMa1Qrm" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zAwHRfksKFW5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zRzyRz5rPzP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zBtBx5y5TJUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zpIURkN8EQgg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zuN57Ku3CPic" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zsLBJApH2Bgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zFgYXANiBog3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zg1bemtrzd64" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z6lBAsWuVr16">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zeM2lnmA2Xib" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>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.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zMoLvkio6YN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zVUm6fVJpS2c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</p> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zKgDq3IhPMI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_906_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member_zRARjUkL77P1">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member_zbCdNizrxEDb">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100565Member_zEaRQqFFZYq9">1-866-584-3637</span>).</p> 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 CAVA Daily ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zcC6tP3qLaG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 CAVA. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zpdut0A00Py5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zXJoCYkdOOTl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zuCGU5xxRjb9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_499_20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member__oef--ClassAxis__custom--C000270395Member_zITnJTR1hDZh" 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_407_eoef--ManagementFeesOverAssets_dpn_zeROnLppOEHk" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F49_z6Wm3HjIgtKk">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zv102qUCpkGa" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z3kPxLAM6xYk" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4D_zqF0hCWQDUl1">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_z1WNxjEXzWd6" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4A_zfXk1GETcOP3">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F06_zBoki2GvpfH3">1</sup> </td> <td id="xdx_F16_zQIMd1dpYFI5" 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"><sup id="xdx_F0D_zOSi5dAoNGUj">2</sup> </td> <td id="xdx_F12_zwRK8m51gfQi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member_zj4NWJ6u4k4f">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F0A_znxIOiWXuMK5">3</sup> </td> <td id="xdx_F14_zkZL6QUX4XEf" 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 <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_ziRwzUiTahxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member_zX5Wlw7qJxJc">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbwXgtGclq23"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zn2Of6S7hQoj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zPHUQgEv1Aq5" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z7FGZpSQVtZc" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_414_20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member__oef--ClassAxis__custom--C000270395Member_z8LZhnE07Fka" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_z8mRQWe0ZMf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zC7u256qBqj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the hotels, restaurants and leisure industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CAVA Group, Inc. is a fast-casual restaurant chain specializing in Mediterranean cuisine. The common stock of CAVA Group, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41721 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A86_eoef--RiskTextBlock_zDfjZZGOfYL5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_900_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zN4Zf4WDKqrh">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zJqq8dvgJK75" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate since inception of trading on June 14, 2023 through the period ended December 31, 2024 (the “Period”) was 98.56%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 150.45% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 126.43%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z6b7ZZhWtPY3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CavaGroupIncInvestingRiskMember_zgBWh5UGNGk2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>CAVA Group, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the hotels, restaurants and leisure industry, CAVA faces risks that include, but are not limited to: operating in a highly competitive industry; its future growth depends on its ability to open new restaurants while managing its growth effectively and maintaining the company’s culture, and historical growth may not be indicative of our future growth; potential food safety issues and food-borne illnesses; the growth of the business, in part, depends on the ability to accurately predict guest trends and demand and successfully introduce new menu offerings and improve existing menu offerings; CAVA may not be able to successfully identify appropriate locations and develop and expand operations in existing and new markets; and new restaurants may not be profitable, and may negatively affect sales at our existing locations. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41721, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z8DSgIdyMqWi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zORl2YUtV2M9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zwoqXEdzfRAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zB0MTQcsMcDl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z13S7Tq12f7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zFR2OhfUofd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the hotels, restaurants and leisure industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Hotels, Restaurants and Leisure Industry Risk.</i> The hotels, restaurants and leisure industry includes owners and operators of casinos and gaming facilities, hotels, resorts and cruise-ships, other leisure facilities (e.g., sport and fitness centers, stadiums, golf courses and amusement parks), and restaurants, bars, pubs, fast-food or take-out facilities. The hotels, restaurants and leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants and leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Companies involved in the hotels, restaurants and leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect companies in the hotels, restaurants and leisure industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zuTAlgvGBB6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_znJfFeQvemea" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zT0K3mafsBNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zUidv3ZfBQhh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zdWnOrWJJzsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zP82wf3WszN3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zBFRK8tYneX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zFi2UGLY6vAe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zEEjEUc0lTO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z1Ug3qohQU44" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zkXnTivt9VA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zx5b6ogjwp2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zPfC5AArWmBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90E_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zhRdygkPjP38">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zv35yj5MFRLg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z6dQ3yA5KSp" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zJpTdY0r757e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</p> Fund Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zrCr4DQ6KdW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member_zBIzdGr4e5R1">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member_zJrj81Pp9Mtb">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100571Member_zqyjMPR5Zif">1-866-584-3637</span>).</p> 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 GAP Daily ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zpeBfRERdrha" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 GAP. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zcgYzAo4Lfgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zEEqCeGmg43i"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zlY5ekKoPKUb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49E_20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member__oef--ClassAxis__custom--C000270363Member_zzNIajpbyxS6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zwviTBenvq01" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4E_zci9xoUm8Jeh">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmbnDU8mdxv5" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zx5WNHmDcsjd" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F45_zfMs6DsiYtb5">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zpPUPoyZCWua" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4C_zx3h9MlO6Igk">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F05_z6oyz1AlEjY3">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F10_zcgP0Q2SxNth" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0E_zqgZiLv138pd">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F18_zBYClBBHP6f2" style="-sec-ix-redline: true"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member_zCCrXbEeREg6">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F06_zXWCtbKU1F5k">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1E_z1TTyO3WGN1c" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zKApI1qPvj34" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_905_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member_zzmj4cLr91l">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIMjukpkdUZd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zHiKkcOthYZ2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zG0vkpNpMXt6" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zbnjAUkvKq04" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41A_20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member__oef--ClassAxis__custom--C000270363Member_zWsVGPcixye5" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zkdtryRZGDgi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zgcphxrH3iCa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the specialty retail industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Gap, Inc. is a multinational clothing and accessories retailer that operates a portfolio of well-known brands, including Gap, Old Navy, Banana Republic, and Athleta. The common stock of The Gap, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 1-7562 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A8E_eoef--RiskTextBlock_zz7rm0I8cEjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_900_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zViiZrXHRJU1">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zZK0muaZ3omg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 64.85%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 93.63% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 6.46%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z8MDfEyiLUga" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TheGapIncInvestingRiskMember_zZwgOADwRlh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>The Gap, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the specialty retail industry, GAP faces risks that include, but are not limited to: its future growth depending in part on the successful reinvigoration of its brands; its ability to accurately anticipate apparel trends and changing consumer preferences; challenges in effectively managing inventory levels, fulfillment, and supply chain operations; exposure to higher sourcing and product costs resulting from tariffs and trade restrictions; and disruptions to its global supply chain arising from trade matters, geopolitical developments, or macroeconomic conditions. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 1-7562, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zF6LQytOSfh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z7Ie5Ac2lnrd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zEvzLl7N8O57" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zhEh7ILv5zff" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zh1Q8OBC4ivk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zAKOEV5D1ZS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the specialty retail industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Specialty Retail Industry Risk. </i>Companies involved in the specialty retail industry may be affected by the performance of the domestic and international economy, interest rates, rates of inflation, exchange rates, competition, consumer confidence and reputational damage. The success of companies involved in retail depends heavily on disposable household income and consumer spending, and changes in demographics and consumer preferences can affect the success of retail companies. Certain retail companies have historically been subject to significant seasonal and quarterly variations. The success of retail companies may be strongly affected by fads, marketing campaigns and other factors affecting supply and demand and a retail company’s success can be tied to its ability to anticipate changing consumer tastes. These companies may be subject to severe competition, which may have an adverse impact on their profitability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zLGhR273rERk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zKlBwuEhjd4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zTFt2E1skrL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z90QFx8HwkSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zIbgQnJJl0Vl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zTQWG6U3f6fe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zNzdy86PvH7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zB3w5vShFWv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z0zzlD8sCEjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zmyTbNuHBae7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zdGyqPKLxD4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zKq5nBnHcAT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zfSXZxtJOh4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zQWf7uPiwbA2">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zt9JXZLXOUs" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zzoLGqUiFXSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zpTMGJE1ble8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zFiox3679sY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member_zsE9xDCoW7K5">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member_zHGQl21KkEc9">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100539Member_zyGL476k84G1">1-866-584-3637</span>).</span></p> 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 UPXI Daily ETF Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zfqJ0kbdpuF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 UPXI. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></span></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zX5Zbfa64WK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zH9NxZyA7Xlc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zrLaJSjilP8l" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td id="xdx_49C_20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member__oef--ClassAxis__custom--C000270384Member_z6xoMau39qrk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zpwKAhpSb6Mk" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4F_ze0clLWytkVi">1</sup></span></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.75%</span></span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUPAgOCa0eRd" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">None</span></span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zPFC4pTw2Ol9" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F41_zIHv3GbwwBvd">2</sup></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">0.00%</span></span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zjxOajjrOSV3" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4E_zk6IOn6liXei">3</sup></b></span></span></td> <td style="border-bottom: Black 1pt solid"><span style="-sec-ix-redline: true"> </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>0.75%</b></span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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"><span style="-sec-ix-redline: true"><sup id="xdx_F07_z0hNc5fQPJWk">1</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1F_zTHvXTgKdyI5" style="-sec-ix-redline: true">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.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F06_zAAYy8rioOMb">2</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F14_zn5hX7Sijd76" style="-sec-ix-redline: true"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member_zdzp4zxMx6be">Estimated for the current fiscal year.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="-sec-ix-redline: true"><sup id="xdx_F0B_zshgc8KXQTJj">3</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1D_zaEFRZgR6HTf" style="-sec-ix-redline: true">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr> </table> 0.0075 0 0.0000 0.0075 Estimated for the current fiscal year. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zKRB4eVyy2ti" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_903_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member_zYtzdEeQmr9i">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeBBheKnvLrg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zNnI7ex0Tcbd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zFWkLoG4IM3e" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zF8ZF0xg94N8" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_418_20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member__oef--ClassAxis__custom--C000270384Member_zgt4JuQtwmja" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zxGklh4U4cGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_ztQpK9U9oyg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the personal care products industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Upexi, Inc. is a consumer products company that has announced a strategic shift toward a Solana (SOL)–focused digital asset treasury strategy. While the company continues to operate its legacy consumer products business, it intends to increasingly allocate capital toward the accumulation and management of SOL and other digital assets as part of its broader strategy. The common stock of Upexi, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40535 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><i><span style="text-decoration: underline">Additional Information on SOL</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">SOL is a digital asset that is created and transmitted through the operations of the peer-to-peer Solana network, a decentralized network of computers that operates on cryptographic protocols. No single entity owns or operates the Solana network, the infrastructure of which is collectively maintained by a decentralized user base. The Solana network allows people to exchange tokens of value, called SOL, which are recorded on a public transaction ledger known as a blockchain. SOL can be used to pay for goods and services, including computational power on the Solana network, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on digital asset exchanges or in individual end-user-to-end-user transactions under a barter system. Furthermore, the Solana network was designed to allow users to write and implement smart contracts — that is, general-purpose code that executes on every computer in the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create digital assets other than SOL on the Solana network. Smart contract operations are executed on the Solana blockchain in exchange for payment of SOL. The Solana network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Solana protocol introduced the Proof-of-History (“PoH”) timestamping mechanism. PoH automatically orders on-chain transactions by creating a historical record that proves an event has occurred at a specific moment in time. PoH is intended to provide a transaction processing speed and capacity advantage over other blockchain networks like Bitcoin and Ethereum, which rely on sequential production of blocks and can lead to delays caused by validator confirmations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In addition to the PoH mechanism described above, the Solana network uses a proof-of-stake consensus mechanism to incentivize SOL holders to validate transactions. Unlike proof-of-work, in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validators risk or “stake” coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or “slashing” of a portion of the staked coins. Proof-of-stake is viewed as more energy efficient and scalable than proof-of-work and is sometimes referred to as “virtual mining”.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_zKQhy9ctT7m2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_902_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zT91ayYRCHxa">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zCQKG9IttQC6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>One Year</b></span></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b>Volatility Rate</b></span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">25%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="-sec-ix-redline: true">75%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="-sec-ix-redline: true">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-120%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-84.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-87.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.9%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-94.1%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-80.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-85.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-90.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-64.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-66.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-72.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-79.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-86.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-51.5%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-54.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-61.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-72.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-82.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-36.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-39.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-50.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.5%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-76.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">-20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">-19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-23.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-36.9%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-53.8%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-70.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-1.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-6.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-22.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-43.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-63.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">10%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">19.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">13.7%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-31.1%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-55.5%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">20%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">42.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">35.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">12.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-18.0%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-47.0%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">30%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">67.3%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">58.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">31.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-3.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-37.8%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">40%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">80%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">94.0%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">84.1%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">52.6%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">11.7%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-27.9%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">50%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">100%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">122.8%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">111.4%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">75.2%</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">28.2%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-17.2%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">60%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="-sec-ix-redline: true">120%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">153.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center"><span style="-sec-ix-redline: true">140.5%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">99.4%</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">45.9%</span></td> <td style="border: Black 1pt solid; background-color: Red; text-align: center"><span style="-sec-ix-redline: true">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Underlying Security’s annualized historical daily volatility rate since inception of trading on June 23, 2021 through the period ended December 31, 2024 (the “Period”) was 133.79%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 209.11% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -56.72%. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zHNd84yRqYed" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UpexiIncInvestingRiskMember_z1LnzhlTJE2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Upexi, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the personal care products industry, UPXI faces risks that include, but are not limited to: significant exposure to the volatility of the market price of Solana (SOL), which constitutes a substantial portion of its treasury assets; regulatory uncertainty relating to digital assets and staking activities, which could adversely affect the company’s ability to manage or generate returns on its SOL holdings; liquidity constraints associated with SOL held in staking or other restricted arrangements that may limit the company’s ability to access cash; and technical, operational, or protocol-level risks within the Solana network, including potential slashing events. In addition, with respect to its legacy CBD business, UPXI faces risks related to evolving laws and regulations governing CBD products; uncertainty regarding consumer acceptance and market demand; reputational harm from adverse publicity; failure to respond effectively to changing consumer preferences; and potential product liability claims, any of which could materially adversely affect its business, financial condition, or results of operations. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-40535, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zyKjzqBzaqc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zO9DyKy9Ut14" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zrNFDAk1ASza" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zyquqbxDgh9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zIqdmp1iNdw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DigitalAssetsRiskSOLMember_z8auWKhjKNr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Digital Assets Risk (SOL).</b> The Fund is subject to the digital assets risk due to its investment exposure to the Underlying Security. The market price for SOL is extremely volatile and will likely continue to be volatile. SOL is the native token for the Solana Network and is used to pay transaction fees on the Solana Network and for governance of the Solana Network through voting. Accordingly, the value of SOL is largely dependent on the acceptability and usage levels of the Solana Network and its applications by users. Factors contributing to the volatility of the price of SOL include, but are not limited to, the maintenance and development of the open-source software protocol of the Solana Network, forks in the Solana Network, speculation and consumer preferences and perceptions of SOL specifically and digital assets generally, investment and trading activities of large investors that invest directly or indirectly in SOL, and the fees associated with processing a transaction on the Solana Network, the speed at which transactions are processed and settled on the Solana Network. The price of SOL is also affected by interruptions in service from or closures or failures of major trading venues on which SOL is traded, cloud services, and network latency. As with cryptocurrencies, the price of SOL can also be impacted by malicious actors (e.g., hackers and fraudsters). The perception of the Solana Network will also affect its usage and the price of SOL. The Solana Network’s perception can be affected by any number of factors, including, but not limited to, changes in the governance of the network, loss in faith in certain important developers of by developers, inability to scale efficiently, falling out of favor generally. The price of SOL may also fluctuate in the same direction as the broader cryptocurrency market or a subset of the cryptocurrency market, such as Meme Coins.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zPqA7r73xWKl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the personal care products industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Personal Care Products Industry Risk.</i> The personal care products industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in this industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, changing consumer tastes and preferences and consumer demographics. Legislative or regulatory changes and increased government supervision also may affect companies in this industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zjv19vXxA5ge" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cybersecurity Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zrz86fqVnBed" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zcVcEiNeluk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zfpgULcuC1Xk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zWvxbDpYjEXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zDJ6ue1BRR2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zC0i7oDv11f3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zBAozv5ufX5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z55ScRmXSvzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zpL7UfUTLya9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Cash Transaction Risk<i>.</i></b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zURnDBJOzAc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zbnq1fRY4HMb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zGxYpIxwGHGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_906_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zGmRIPUjnFOa">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zzE8ErzQNXE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zY3IyIOUsabh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zUdQhVK1BSke" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zhrK8U98iOCj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member_znakh0yZvucj">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member_zFJNi9n6bQoh">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_900_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100560Member_zI8FUvUmc3lk">1-866-584-3637</span>).</span></p> 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 SUIG Daily ETF Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zsSf3PUqSUf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 SUIG. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zBJpVKw3MCth" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zKK81P4HDQDc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_z4MVVPQaOhKh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_497_20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member__oef--ClassAxis__custom--C000270381Member_z8UjWtlL4Y0b" 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_407_eoef--ManagementFeesOverAssets_dpn_zh7PlA7Q3eYj" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F44_zQavhHkkHnJ3">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGM6bA3Bp0ek" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z2yTae6oMy88" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F42_z9KHrJT4jWpb">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zmtzwqWmT4W8" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F47_z93sBMWHHygi">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F0C_zrCfgO9yX7hd">1</sup> </td> <td id="xdx_F10_z8nrcNZDoru2" 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"><sup id="xdx_F01_zzxCn77CnGg4">2</sup> </td> <td id="xdx_F19_zrTuYOBzc8P2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member_zD1D0fdCUif8">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F06_zRIX20efjnP7">3</sup> </td> <td id="xdx_F1C_zZ8DHUUvH9o5" 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 <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zvfGi5171s3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member_zxX37q9VJDH5">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zClpyLzumeg8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zWXEhnUHYjqj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zM6zlUfSMWSk" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zrCQL5waR3Yi" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_418_20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member__oef--ClassAxis__custom--C000270381Member_zVm7RgyV7Xi9" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zSdi5whWQw7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zkjcQTH0LwZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the financial services industry risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">SUI Group Holdings Limited is a company that, following a rebranding and Nasdaq listing in August 2025, shifted its strategic focus from specialty finance toward a digital asset treasury strategy centered on the SUI blockchain. The company intends to provide investors with exposure to SUI tokens through the accumulation and management of a SUI-focused digital asset treasury. The common stock of SUI Group Holdings Limited 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41472 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><i>Additional Information on SUI</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SUI is a blockchain built with the Move programming language and optimized for low latency, high throughput applications. It focuses on handling many actions at once without significant delay and contains features intended to support on chain assets and applications, particularly in gaming and social media.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The SUI token has a fixed maximum and total supply of 10 billion SUI (per the Sui Foundation). As of September 2025, approximately 3.56 billion SUI are in circulation. Of the total supply, roughly 50% is allocated to a community reserve (ecosystem grants, validator subsidies, and delegation programs), 20% to early contributors, 14% to investors, 10% to the Mysten Labs treasury, and 6% to community access/app testers, with non-community allocations subject to multiyear vesting and staged unlocks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SUI is a proof of stake asset, meaning its staking rewards and ecosystem programs drive emissions into circulation over time. There is no protocol level, periodic burn schedule. Instead, SUI’s deflationary mechanisms are tied to its storage fund and transaction gas fees, which occur continuously with network activity.</p> <p id="xdx_A8D_eoef--RiskTextBlock_zv26uPUqedB1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_908_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zFrRCCfT6SEa">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zQNlpveodN0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 127.90%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 202.96% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 7.66%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zUwftPFZUjDd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SuiGroupHoldingsLimitedInvestingRiskMember_zl4kFSvUSfFg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>SUI Group Holdings Limited Investing Risk</b>. As of the date of this prospectus, in addition to the risks associated with operating companies and companies pursuing digital asset strategies, SUI Group Holdings Limited faces risks that include, but are not limited to: significant exposure to the market price volatility of SUI tokens, which constitute a substantial portion of the company’s assets and could materially adversely affect its financial condition and results of operations; regulatory uncertainty surrounding digital assets, including potential changes in laws, regulations, or enforcement actions that could restrict the company’s ability to acquire, hold, stake, or dispose of SUI tokens; liquidity risks associated with digital assets, including limited or volatile trading markets and restrictions related to staking or network protocols that may limit the company’s ability to access cash when needed; operational and technical risks related to the SUI blockchain, including network disruptions, security vulnerabilities, protocol changes, or validator failures that could impair the value or usability of the company’s digital assets; risks associated with reliance on third-party custodians, validators, exchanges, or service providers; and risks arising from the company’s transition from its legacy specialty finance operations to a digital asset treasury strategy, including execution risk, limited operating history in its new business focus, and potential difficulty in attracting or retaining investors. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41472, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zkwbNj6Xb7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zjicEJD8M4Yh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SuiInvestingRiskMember_zmVQnsxTkFcc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>SUI Investing Risk.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>SUI-Specific Technological and Adoption Risks.</i> SUI operates on the Sui blockchain, which utilizes a novel architecture and programming language (Move). As a relatively new protocol, the Sui network may encounter unforeseen technical issues, including bugs, security vulnerabilities, or performance limitations that could adversely affect its utility, functionality, or perceived reliability. Furthermore, the long-term success of SUI depends on the platform’s ability to attract a broad base of developers, users, and validators. If the ecosystem fails to achieve significant adoption or usage, the demand for and value of SUI tokens could diminish, potentially resulting in substantial investment losses.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Token Supply and Market Impact from Vesting Schedules.</i> SUI’s tokenomics include pre-allocated tokens for early contributors, investors, and team members, subject to a vesting schedule. As these tokens are released into the market over time, the resulting increase in circulating supply may exert downward pressure on the token’s market price. This risk is heightened if early stakeholders choose to liquidate significant holdings, potentially leading to price volatility and a dilution of value for newer investors.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Network Centralization and Validator Risks.</i> While the Sui network employs a delegated proof-of-stake (dPoS) model to enhance scalability and transaction speed, it currently operates with a relatively limited set of validators. This concentration of control may lead to governance concerns, including the potential for collusion, censorship, or undue influence over network upgrades and policy decisions. Additionally, participants who stake SUI tokens may face slashing risks if validators act maliciously or fail to meet protocol standards, potentially resulting in partial or total loss of staked assets.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Regulatory and Legal Uncertainty.</i> <b>The regulatory treatment of digital assets like SUI remains uncertain and is subject to evolving legal frameworks in the United States and other jurisdictions. Future regulatory developments, including restrictions on trading, staking, or classifying tokens as securities, could materially and adversely affect the usability, liquidity, or value of SUI. Investors should be aware that enforcement actions or unfavorable regulatory changes may arise without notice.</b></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z9rvsEPfmst7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zBnuPCSxcOKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zzLqnbUObqEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zCF0i2VI0Kv6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the financial services industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Financial Services Industry Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zGEVQboWoEN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zSuWGkN75yyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_ziP8kOb5rpb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zFSTRxtG2BFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z1BWXzOY7Jm1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zigl7bgyyfFi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zMzGcoCTgeIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zesXqAfvdMZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z9YYa7iLkevc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_z4FZa4sV64E6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zINynAxHdbJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zkLRyNmiBS91" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zKojMZctFSS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversification Risk. </b><span id="xdx_907_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zrx10GdjRQ5e">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zOwhyKOc1Twe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zC4VXTfg5bAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zdAbOtFI6Etg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</p> Fund Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zrxsLsvjY2Ri" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member_zrJfQkZxRjL2">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member_zPsuS252Zhmj">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100557Member_ziGHUwzkIbFl">1-866-584-3637</span>).</p> 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 RR Daily ETF Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zkD79iTWYqY5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 RR. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zkV4ZUagX8H3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zRCCPlbTDeok"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zSsLJRtotQfi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49F_20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member__oef--ClassAxis__custom--C000270377Member_z0lti8uSzCL8" 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_407_eoef--ManagementFeesOverAssets_dpn_zxgK3WlYJ6cl" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F42_zLIVno8V0B3k">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zqE5PM1sBMre" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zHSwmu1ZZ5jf" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4C_zS8Cojkfmiye">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zU1pp7cp5W7f" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F41_zM2WPlQA5iWi">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F0F_zWmEEeA6IT38">1</sup> </td> <td id="xdx_F1D_zGC1PZcL0M7g" 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"><sup id="xdx_F03_zLtOYnG8g6T4">2</sup> </td> <td id="xdx_F14_zCItoebJOrvb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_907_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member_zcFoIkoKZrtg">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F03_zDSH8CbEQoGc">3</sup> </td> <td id="xdx_F1F_ziWDrWIaSPIh" 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 <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zkeAg83DoFq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_908_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member_zjWotYLGg8d">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgmJtOXlHGt3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zkdFMblPVEz3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_z2WzM4yuIsp3" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zNWiXj7tHz3a" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_41D_20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member__oef--ClassAxis__custom--C000270377Member_zXq5AaWs1Sv5" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zStEUbZ1mQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zs3T51Bo7fbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the machinery industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Richtech Robotics, Inc. is a provider of artificial intelligence (AI)-driven robotic solutions operating in commercial and industrial environments. Richtech Robotics operates under a Robotics-as-a-Service (RaaS) model, emphasizing long-term recurring revenue through service contracts, including maintenance, software updates, and customer support. The common stock of Richtech Robotics, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-41866 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A87_eoef--RiskTextBlock_zvLlkFUSeNdf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zheU4ns143qf">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zGQ1WSssuzmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate since inception of trading on November 17, 2023 through the period ended December 31, 2024 (the “Period”) was 189.14%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 197.09% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -28.29%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zB0PFdIIKSnb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RichtechRoboticsIncInvestingRiskMember_zn9byvAJzxwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Richtech Robotics, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the machinery industry, RR faces risks that include, but are not limited to: risks related to its transition to a Robotics-as-a-Service (RaaS) business model, which depends on generating long-term recurring revenue while requiring the company to retain ownership of robotic assets, resulting in increased capital requirements and balance-sheet exposure; execution risks associated with the development and commercialization of its advanced robotic platforms, where failure to achieve broad market or industrial-scale adoption could render significant research and development investments unrecoverable; dependence on third-party suppliers and technology providers, including providers of AI computing hardware and software platforms, where disruptions in availability, performance, or pricing could adversely affect operations; the risk that markets for service robotics develop more slowly than anticipated or that customer adoption and demand are lower than expected; and intense competition and rapid technological change within the service robotics industry, which may impair the company’s ability to compete effectively or maintain technological relevance. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-41866, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zSKsNntIdDu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_zDCJdDlrHb62" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zXFOkeYcPGlg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zetF2pnLiUD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zYGIxiMyACyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zsRPaHbkgLMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zaBW05W2Ori4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the machinery industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Machinery Industry Risk.</i> The machinery industry can be significantly affected by general economic trends, including employment, economic growth, and interest rates; changes in consumer sentiment and spending; overall capital spending levels, which are influenced by an individual company’s profitability and broader factors such as interest rates and foreign competition; commodity prices; technical obsolescence; labor relations legislation; government regulation and spending; import controls; and worldwide competition. Companies in this industry also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zdzbc9YmK0Ka" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zEH2lCQFZXj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zgAlJ1r9xps2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_ztR4xmTYz4j1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zqysiUC21H47" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zWp7Dj1QMgs7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zQ26wbrtOtwd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z3vX3SKH3Ncj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zUlx3pONJhbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zkYVjwlaFoxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zBGpd70Ftceg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zL1qwfcVC3nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_ztjnXBoDXQCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_901_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zGuBb4DJhdwk">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</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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 <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zCXpqAbQtUv" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zLvmqrWTv0aj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zD06ru0lujNi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zvNT5eAtNTxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member_ziQ89bpOeUO2">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member_zupeGLf0r1L6">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100553Member_zCFGYrWYHwzk">1-866-584-3637</span>).</p> 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 XPEV Daily ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zUnnlMHrldT" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 ADR of XPEV. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_z7B477hU1mvk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zkXFPs5JiEB7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zgJEiOD7k9W6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_492_20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member__oef--ClassAxis__custom--C000270388Member_zttoReaZsImh" 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_407_eoef--ManagementFeesOverAssets_dpn_zzvnAdXGgtxc" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4A_zbPxPalNMpI9">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zevZHXiXyrfl" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zfYpIjfjZ0Si" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4E_zRk6BZYUBrN4">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_z50FyD88IFkh" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4F_zYHGXK1ChHZ8">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F08_zAYtHTXMnSy3">1</sup> </td> <td id="xdx_F1B_zu2wA6bSUU5b" 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"><sup id="xdx_F02_zLJfbtQZadch">2</sup> </td> <td id="xdx_F16_ztH1TkLF1dHe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member_zpgNPsapuevd">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F08_zMCDPoWhpsfl">3</sup> </td> <td id="xdx_F18_zLQm5Fd9qkYd" 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 <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_z8cxXN8aTUZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member_zjGuqLZrk1x6">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxzuPPe6ZWc6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zPfLYXpPpsK6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zd8buJSgi2Jh" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zjVk54iztwLk" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_413_20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member__oef--ClassAxis__custom--C000270388Member_zwT9pcOyGiZ3" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zM3tpbXZx7C1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zYHL3milsWx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the automobiles industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">XPeng Inc. is a Chinese electric vehicle (EV) manufacturer focused on the design, development, and production of smart EVs, incorporating advanced technologies, such as autonomous driving and artificial intelligence, into its vehicles. XPeng Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-39466 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>The Fund will enter into swap agreements and options contracts based on the Underlying Security, which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A81_eoef--RiskTextBlock_zv7S5P930Xyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_909_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zAg9rievpFll">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z14ASkRgsys6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate since inception of trading on August 26, 2020 through the period ended December 31, 2024 (the “Period”) was 91.36%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 149.63% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -4.65%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zQTKnUPGLKLc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--XpengIncInvestingRiskMember_znHcKN2NtRw1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>XPeng Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the automobiles industry, XPEV faces risks that include, but are not limited to: its ability to successfully develop, deploy, and achieve market acceptance of advanced technologies, including autonomous driving systems, end-to-end models, and artificial intelligence–based applications; intense competition in China’s passenger vehicle market and potential cyclicality and volatility in demand for electric vehicles; risks related to the development of vehicle hardware and software, as well as the ability to scale production in a timely and cost-efficient manner; a history of significant operating losses and negative cash flows, which may continue in the future; risks associated with operating in China, including changes in political, economic, and social policies of the PRC government that could materially adversely affect its business and growth strategies; and uncertainties in the interpretation, application, and enforcement of PRC laws and regulations, which may result in increased compliance costs, legal risks, or operational restrictions. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-39466, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z6RJ8yUlGAE4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. 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</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWDhF4BvWqP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceRiskMember_z7rbF3ea6Fgi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk. </b>Companies engaged in artificial intelligence (“AI”) and big data typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. AI and big data companies typically engage in significant amounts of spending on research and development, as well as mergers and acquisitions, and there is no guarantee that the products or services produced by these companies will be successful. 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 or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on AI and big data companies. Country, government, and/or region-specific regulations or restrictions could have an impact on AI and big data companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_ztonTXww0XHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zNwfktqb0E1i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zOBkEOqrFrjh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInChinaMember_z8j8tt7AWBad" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Risks of Investing in China.</b> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. The Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors of U.S. public companies, has warned that it lacks the ability to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in such companies. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations, trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry with a potentially severe negative impact to the Fund. Additionally, the U.S. has added certain foreign technology companies to the U.S. Department of Commerce’s Bureau of Industry and Security’s “Entity List,” which is a list of companies believed to pose a national security risk to the U.S. U.S. investors may also be barred by U.S. authorities from investing in certain companies, including those with ties to the military, intelligence, and security services in China. Actions like these may have unanticipated and disruptive effects on the Chinese economy. Any such response that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zkuWu8LKq2Dd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the automobiles industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Automobiles Industry Risk.</i> The automobiles industry undergoes rapid transformation driven by technological innovation, evolving emissions regulations, and shifting consumer preferences. Companies face substantial competition, including from new market entrants in electric vehicles (EVs) and mobility services. Capital-intensive research and development is required to keep pace in electrification, autonomous driving, and connected-vehicle technologies. Supply chain disruptions, such as shortages of semiconductors, and tariff changes can adversely impact production. Additionally, macroeconomic factors influencing consumer demand, like interest rates and disposable income, can materially affect revenues and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zcWgCebqEEmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zPClugkARxGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including any tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zQ431qz9byBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zteSydUrQvKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zyIu8RItlIZb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zfsd55HvuGMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zAxOFap5FGV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zUQ0VYsZ1Re9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z2kMTr2IETA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zs2ccvFsK5ej" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zmovwCnllbOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zCbS1Or1H2Qh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zUmWouYhskKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_900_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zifMtSAeuxOi">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zUDZrJwSgKx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zPaLHElPDdPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zYnqEwX7IaNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zm1WihvoqWe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member_z76u9AZ5KL83">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member_zluW1zflO4B5">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100564Member_zM7QnTDTxvXj">1-866-584-3637</span>).</span></p> 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 LI Daily ETF Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_za75o3dfZ70c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 ADR of LI. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_z8FW6Tk18nfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zsF4YnS5xMGg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zIy3Y7dD02W1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49B_20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member__oef--ClassAxis__custom--C000270370Member_zJoJV3WKvcb8" 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_407_eoef--ManagementFeesOverAssets_dpn_zA7Z7QaO3V5d" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F41_zQOE1SwdCIek">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_ziesMeg32Sak" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zWA7T3AaJKIa" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F44_ztGpMohj3Y52">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zNVBYYB3P8Tc" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F46_z32O4la647Dj">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F05_z1ggkKNWnqY4">1</sup> </td> <td id="xdx_F13_zFxz4kMtx9e3" 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"><sup id="xdx_F04_z0zD0QJXg9Qj">2</sup> </td> <td id="xdx_F11_zQAIGUj5frz" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member_zccwF7PIukrj">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F00_zSzcPJovdLSl">3</sup> </td> <td id="xdx_F14_zvPK89xX95wi" 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 <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_z015LeDReXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_90E_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member_zSOkx0eBQXIc">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zad6bJlONOCk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zSwecgRpCfs8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_z8p7BNNt4kdb" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zvOqPT63naog" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_41D_20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member__oef--ClassAxis__custom--C000270370Member_zltOlDn6mlc9" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_z5Eckx44t787" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zqVNvNFnlyJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the automobiles industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">Li Auto Inc. designs, manufactures, and sells premium smart electric vehicles (“EVs”), with a focus on extended-range electric vehicles (EREVs) and smart vehicle technologies. Li Auto Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-39407 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>The Fund will enter into swap agreements and options contracts based on the Underlying Security, which is an ADR. ADRs provide U.S. investors access to foreign stocks on domestic exchanges but can exhibit pricing differences compared to the underlying foreign stocks. These differences stem from factors such as currency fluctuations, market dynamics, liquidity variances, and tax implications. Additionally, corporate actions and ADR fees and expenses can contribute to disparities in pricing between ADRs and the foreign stocks they represent.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></p> <p id="xdx_A8B_eoef--RiskTextBlock_z79EypPqzjz9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in the Fund entails risk. <span id="xdx_90C_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zhSYhdIlHN1h">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.</span> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z26LDCtzgXmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate since inception of trading on July 29, 2020 through the period ended December 31, 2024 (the “Period”) was 76.73%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 122.80% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 15.84%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zXTTUtPwVtni" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiAutoIncInvestingRiskMember_zR3xNVISSc36" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Li Auto Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the automobiles industry, LI faces risks that include, but are not limited to: the competitive transition to a dual-track EREV and BEV strategy, where failure to successfully scale its i-series battery electric vehicles could adversely affect its market share; intense pricing pressure and commoditization in the EREV segment from new market entrants; exposure to new 2026 mandatory energy-consumption standards in China, which may affect tax-exemption eligibility for its heavier vehicle models; and risks related to product quality and recalls, which materially impacted financial results in 2025. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-39407, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zsdc0Y4Dv7Q5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Options Contracts</i>. 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</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zi9HZdug1fj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zQO0oHWrD6F9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zMEu27JlcoFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If there is a significant intraday market event and/or the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zrxOtSVku7C5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksOfInvestingInChinaMember_z25JTynHj9Z2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Risks of Investing in China.</b> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. The Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors of U.S. public companies, has warned that it lacks the ability to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. The PCAOB’s limited ability to oversee the operations of accounting firms in China and Hong Kong means that inaccurate or incomplete financial records of an issuer’s operations may not be detected, which could negatively impact the Fund’s investments in such companies. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations, trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry with a potentially severe negative impact to the Fund. Additionally, the U.S. has added certain foreign technology companies to the U.S. Department of Commerce’s Bureau of Industry and Security’s “Entity List,” which is a list of companies believed to pose a national security risk to the U.S. U.S. investors may also be barred by U.S. authorities from investing in certain companies, including those with ties to the military, intelligence, and security services in China. Actions like these may have unanticipated and disruptive effects on the Chinese economy. Any such response that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or cause market disruptions.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zq5Bfz8yJQM9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the automobiles industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Automobiles Industry Risk.</i> The automobiles industry undergoes rapid transformation driven by technological innovation, evolving emissions regulations, and shifting consumer preferences. Companies face substantial competition, including from new market entrants in electric vehicles (EVs) and mobility services. Capital-intensive research and development is required to keep pace in electrification, autonomous driving, and connected-vehicle technologies. Supply chain disruptions, such as shortages of semiconductors, and tariff changes can adversely impact production. Additionally, macroeconomic factors influencing consumer demand, like interest rates and disposable income, can materially affect revenues and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z39q5HMkl7oi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z61DHGluYdXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zYOlD8xdgKZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zAlqhXWEVtvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zqrpcPNCEtz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zeHLyHZPHi6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zxPfdJS0NRSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zceLVFwMo8D1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zl0k2CwK2mO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zGVL0LM3zz7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zEDjqAtWl9H8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zR9fKd9GoTMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zjr5ofmlcRD4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_90F_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zdEFQLioi97">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z4Gxu1QrlHza" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zaIz8hr4rQyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zi830XjoSA1e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zFJjhe92gX5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member_zrHG3QEnKSq">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member_zSNjRlsvW8vd">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100546Member_z0NwAzd9cbQd">1-866-584-3637</span>).</span></p> 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 SKYT Daily ETF Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zujekIT06NPa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 SKYT. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zp5oS6ZaAWlk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_z5yg1kKptsTg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_z6hRYttAS8E9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_497_20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member__oef--ClassAxis__custom--C000270378Member_zWMwmCSHXIE9" 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_407_eoef--ManagementFeesOverAssets_dpn_zlAxFwj1Rhg3" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F4A_z7qhxrHDWso7">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzphGYqGXJ2l" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zlHS9r1JtcS3" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4E_zMYAx8cbJZ0d">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zFuj71knGO0f" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4E_z73NBvmNxDxj">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F06_zV46YwIlJdHh">1</sup> </td> <td id="xdx_F1B_zUEmbMR5qmCi" 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"><sup id="xdx_F02_z02dQ3c6lVe5">2</sup> </td> <td id="xdx_F1B_z5FeO47Rm6B3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_90D_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member_zQvqlbjoPmW3">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F0C_zjqbx5q3zrJ8">3</sup> </td> <td id="xdx_F1D_z9MdgaUTqBt6" 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 <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zewiX3KHvpth" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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. <span id="xdx_902_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member_zerMQogLi5Vg">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0ICbZEMuYA8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zo69lqG9L86d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zr73TXI63Wa1" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zB4J1jFsUUlk" style="font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></span></td></tr> <tr id="xdx_414_20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member__oef--ClassAxis__custom--C000270378Member_z2wjQ5MjDGXj" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$77</span></span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="-sec-ix-redline: true"><span style="font-size: 10pt">$242</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 77 242 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_z3qpigO3ltwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> Principal Investment Strategies of the Fund <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zHDQr6mqjnGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security, consistent with the Fund’s investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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 the Underlying Security 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 the Underlying Security’s stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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’s 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the semiconductor industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SkyWater Technology, Inc. is a U.S.-based, pure-play semiconductor foundry that offers advanced manufacturing solutions, including custom semiconductor development and volume manufacturing services. The common stock of SkyWater Technology, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 001-40345 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A8B_eoef--RiskTextBlock_zbzTbf9Na33e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_904_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z820QM9fqg74">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zvs5pf8FQGv" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate since inception of trading on April 20, 2021 through the period ended December 31, 2024 (the “Period”) was 99.59%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 124.13% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was -0.36%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zm6oj8U03qI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SkywaterTechnologyIncInvestingRiskMember_zY4IlKGNLSnb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><b>SkyWater Technology, Inc. Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the semiconductor industry, SKYT faces risks that include, but are not limited to: its ability to successfully integrate the recently acquired Fab 25 facility in Texas; defects or performance problems in the company’s products could result in loss of customers, reputational damage, and decreased revenue, and it may face warranty, indemnity, and product liability claims arising from defective products; if either of its semiconductor foundries is damaged or becomes inoperable, the company will be unable to develop or produce wafers in a timely manner, if at all, and business would be materially adversely affected; customers may cancel their orders, change production quantities, or delay production, and if the company fails to forecast demand accurately, it may incur supply shortages or lose revenue; the semiconductor industry has experienced rapid technological changes, and new technologies may prove difficult to commercialize or may not gain market acceptance, which may have a material adverse effect on demand for the company’s products and service offerings; dependence on U.S. government program funding, which is subject to unpredictable budget cycles and legislative delays; and a significant portion of the company’s sales comes from a limited number of customers, the loss of which, or the failure to meet the strict production volumes required by the contracts, would adversely affect its financial results. Additional risks include supply chain disruptions, cybersecurity or intellectual property breaches, competitive pressures, and environmental or regulatory compliance challenges. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 001-40345, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z8upAJCRQf4i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zMSjZ16MgDLl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zeBTesCDs6Zi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zJeBNTkTy4Pj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_zydnaG9M9Flb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zWh5CKQbChi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the semiconductor industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Semiconductor Industry Risk. </i>Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor industry is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The stock prices of companies in the semiconductor industry have been and likely will continue to be extremely volatile.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zJfRUJ0Hqm3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zUCLlk0bcKef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zhj0jZRd8A" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z9edgr9SL0Mj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zarcg1PhyAki" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z1GdL9NZ8YNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zX0l21L6cUe9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Repurchase Agreements Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z9KPM3mws9Jg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zGtYGRxuk7U8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_ze9TCmRpk9Nc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zcOKeyMlB928" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zOlJOcXm0ny8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z7M0QNaWbVx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_903_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_ztEwrPGCj5A9">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zaDqjiFM2eca" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zkEdFUJgGAb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zAbiUOgiuQHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zJgAev1JhkE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member_zu2l2g7cK3ik">Performance information for the Fund is not included because the Fund did not commence operations prior to the date of this Prospectus.</span> 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 <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member_zekan1nDbyUg">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100554Member_zNU05QRrG4bb">1-866-584-3637</span>).</span></p> 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 ORLY Daily ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zlbXdIQGPlgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 ORLY. <b>The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.</b></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zLhMJ8CfDWm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_za9LwLwSerFk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zgGkC8YpJEFd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" 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-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_499_20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member__oef--ClassAxis__custom--C000270373Member_zoiDnmkSwoj1" 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_407_eoef--ManagementFeesOverAssets_dpn_zwZFZlDjKDck" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; width: 84%"><span style="font-size: 10pt">Management Fees<sup id="xdx_F44_zjnnYVHylKC1">1</sup></span></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3CucDsaHTXh" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">None</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zaxq40vh2pS2" style="background-color: white"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F45_zZm7fGCY8ACf">2</sup></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zhZ7Lc4WAUb1" style="background-color: gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; vertical-align: top"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F4B_zSyrRFDBndoc">3</sup></b></span></td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>0.75%</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><sup id="xdx_F0F_zOFwTk8QQ6d7">1</sup> </td> <td id="xdx_F12_zrEH9IvUVjnh" 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"><sup id="xdx_F06_z90Ea2B5Bxq6">2</sup> </td> <td id="xdx_F1D_z5Zee22ASPLh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member_zhvwk42iw6ya">Estimated for the current fiscal year.</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><sup id="xdx_F08_zcdCFcP06mub">3</sup> </td> <td id="xdx_F10_zKOXPX7EJ0hb" 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 <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zL2tJD9aiYA8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_908_eoef--ExpenseExampleByYearCaption_c20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member_z1owi7z2Eaoi">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5Zw1IKlq4H3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z0ZvJLaquHMl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zlREP8SIZYyi" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zNEv59qYOMJ5" style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr> <tr id="xdx_411_20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member__oef--ClassAxis__custom--C000270373Member_zOpWCInOmr4k" style="background-color: gainsboro"> <td style="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="vertical-align: bottom; width: 50%; font-size: 10pt; text-align: center"><span style="font-size: 10pt">$242</span></td></tr> </table> 77 242 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zwKQy1Jglx29" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> Principal Investment Strategies of the Fund <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_ziOsKxzOrXi5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security, consistent with the Fund’s investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the Underlying Security 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 the Underlying Security’s stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a result of its investment strategy, the Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e</i>., hold 25% or more of its total assets in investments that provide leveraged exposure to the industry to which the Underlying Security is assigned). As of the date of this prospectus, the Underlying Security is assigned to the consumer discretionary industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease in the value of the Underlying Security. 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 the Underlying Security 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 the Underlying Security 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 the Underlying Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">O’Reilly Automotive, Inc. is one of the largest specialty retailers and distributors of automotive aftermarket parts, tools, and accessories in the United States. The common stock of O’Reilly Automotive, Inc. 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 the Underlying Security pursuant to the Exchange Act can be located by reference to the SEC file number 000-21318 through the SEC’s website at www.sec.gov. In addition, information regarding the Underlying Security may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of the Underlying Security or other securities related to the Underlying Security. The Fund has derived all disclosures contained in this document regarding the Underlying Security 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 the Underlying Security 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 the Underlying Security have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning the Underlying Security could affect the value of the Fund’s investments with respect to the Underlying Security and therefore the value of the Fund.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’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.</b></span></p> <p id="xdx_A80_eoef--RiskTextBlock_zdbRnQRfEhje" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">An investment in the Fund entails risk. <span id="xdx_90B_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zG2UYkZbwAD1">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.</span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zAVdKnxFZSF1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of the performance of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">The chart below provides examples of how the Underlying Security’s 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) Underlying Security volatility; b) Underlying Security 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 the Underlying Security. 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 the Underlying Security; (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 the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">During periods of higher Underlying Security volatility, the volatility of the Underlying Security may affect the Fund’s return as much as, or more than, the return of the Underlying Security. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">As shown in the chart below, the Fund would be expected to lose 6.1% if the Underlying Security provided no return over a one-year period during which the Underlying Security 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. <b>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%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Security. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>One Year</b></span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>200%<br/> One Year</b></span></td> <td colspan="5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 20%; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">25%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 12%; font-weight: bold; text-align: center">75%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center; width: 12%">100%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-120%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-84.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-87.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.9%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-94.1%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-76.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-80.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-85.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-90.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-64.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-66.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-72.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-79.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-86.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-51.5%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-54.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-61.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-72.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-82.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-36.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-39.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-50.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.5%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-76.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">-19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-23.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-36.9%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-53.8%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-70.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-1.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-6.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-22.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-43.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-63.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">19.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">13.7%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-31.1%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-55.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">42.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">35.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">12.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-18.0%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-47.0%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">30%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">67.3%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">58.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">31.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-3.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-37.8%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">80%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">94.0%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">84.1%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">52.6%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">11.7%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-27.9%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">50%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">100%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">122.8%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">111.4%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">75.2%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">28.2%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">-17.2%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">60%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">120%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">153.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: rgb(146,208,80); text-align: center">140.5%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">99.4%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Red; text-align: center">45.9%</td> <td style="border: Black 1pt solid; background-color: Red; text-align: center">-5.8%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Security’s annualized historical daily volatility rate for the five-year period ended December 31, 2024 (the “Period”) was 27.60%. The Underlying Security’s highest historical volatility rate for any one calendar year during the Period was 41.97% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized historical performance for the Period was 22.07%. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zJMWYx1hhKj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Leverage Risk<i>.</i></b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Security, 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 the Underlying Security 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 the Underlying Security does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with the Underlying Security and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OreillyAutoPartsInvestingRiskMember_zS3GXZvxGNgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>O’Reilly Auto Parts Investing Risk. </b>Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with operating companies and companies in the consumer discretionary industry, ORLY faces risks that include, but are not limited to: inflationary pressures on expenses, particularly rising labor and insurance costs, which may outpace our ability to implement price increases; adverse economic conditions that could reduce demand for automotive aftermarket products, limit access to credit, or negatively affect the financial condition of its customers and business partners, which could adversely impact business, results of operations, financial condition, and cash flows; the increasing complexity of the automotive fleet, which requires higher investment in specialized inventory and advanced diagnostic tools; intense competition in the automotive aftermarket business, which may require the company to make significant investments to remain competitive; reliance on key suppliers and products where disruptions, limited availability, or changes in trade policies, could materially affect operations; and risks related to changes in customer preferences, e-commerce competition, regulatory requirements and store expansion or performance. For additional Underlying Security risk information, please refer to the Underlying Security’s public filings by reference to the Underlying Security’s SEC file number 000-21318, which can be accessed on the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNfpRrNK3q8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Swap Agreements</i>. 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 the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Options Contracts</i>. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true">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 option contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zm0MricK1Ez2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Counterparty/Collateral Risk.</b> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Collateral pledged by a counterparty may be insufficient to fully mitigate credit exposure in the event of a default. This risk may arise from declines in collateral value, limited marketability, legal or perfection issues, or challenges in enforcing security interests.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zJwXwS9VnHmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zOkORR8mcvK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Intraday Investment Risk.</b> 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 the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">If there is a significant intraday market event and/or the Underlying Security 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationRiskMember_z7sht86FEr8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Daily Correlation Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. The Fund’s exposure to the Underlying Security is impacted by the Underlying Security’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to the Underlying Security at the end of each day. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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) the Underlying Security. 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 the Underlying Security. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. 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 the Underlying Security. Any of these factors could decrease the correlation between the performance of the Fund and the Underlying Security and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zdIDo2dEn9Od" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration Risk.</b> The Fund will be concentrated in the industry to which the Underlying Security is assigned (<i>i.e.</i>, hold more than 25% of its total assets in investments that provide long exposure to the industry to which the Underlying Security is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio that is broadly diversified over several industries or sectors. As of the date of this prospectus, the Underlying Security is assigned to the consumer discretionary industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Consumer Discretionary Industry Risk.</i> Because companies in the consumer discretionary industry manufacture products and provide discretionary services directly to the consumer, the success of these companies is tied closely to the performance of the overall domestic and international economy, including the functioning of the global supply chain, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending and may be strongly affected by social trends and marketing campaigns. Also, companies in the consumer discretionary industry may be subject to severe competition, which may have an adverse impact on a company’s profitability. Changes in demographics and consumer tastes also can affect the demand for, and success of, consumer discretionary products in the marketplace.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z7COKbAbA3ei" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Risk. </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z61lMBN4peJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Global trade policies, including tariffs, could also materially adversely affect the performance of the Fund’s holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zsZwD7aoHE48" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Equity Securities Risk.</b> Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z8jrEYEyz8ka" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Indirect Investment Risk.</b> The Underlying Security 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 the Underlying Security and make no representation as to the performance of the Underlying Security. Investing in the Fund is not equivalent to investing in the Underlying Security. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zNO6CFEDs5Hb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Fixed Income Securities Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_ze4BnxPveOl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zkugEHasP0S8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Repurchase Agreements Risk.</b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_ziVAfG3KN5zh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>ETF Risks.</b> The Fund is an ETF and, as a result of an ETF’s structure, is exposed to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Authorized Participants (“APs”), Market Makers, and Liquidity Providers Concentration Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares of the Fund.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><i>Shares of the Fund May Trade at Prices Other Than NAV.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="-sec-ix-redline: true"><i>Trading. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zjFKH1opYKmb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Early Close/Trading Halt Risk<i>. </i></b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashTransactionRiskMember_zB9vvtHLNyB2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash Transaction Risk<i>.</i></b> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zyqBefvuPX89" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter and meet annual distribution requirements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Security 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zvzZ96glRJde" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zNTT8p80xon1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Non-Diversification Risk. </b><span id="xdx_907_eoef--RiskTextBlock_c20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwPhXFJWeHQe">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.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> 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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z5y3HJkARCT6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Operational Risk. </b>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zLtzzq5inw5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Liquidity Risk<i>. </i></b>Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. 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 the Underlying Security’s value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the Underlying Security. Under such circumstances, the market for the Underlying Security may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of the Underlying Security and may impact the ability of the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true">In certain cases, the market for the Underlying Security 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 the Underlying Security and correlated derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-redline: true"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zSzU24TJlnJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active 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.</span></p> Fund Performance <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zPe9DYjaUpE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member_zWSufj48gtsb">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.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member_zE07uHa2pnaf">www.ThemesETFs.com</span> or by calling the Fund toll-free at 1-866-5Themes (<span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260109__20260109__dei--LegalEntityAxis__custom--S000100549Member_zLe4JE9Qg7xi">1-866-584-3637</span>).</span></p> 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. 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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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 (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.