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The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zXU42TRCuDug"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zTV3qmaaBOIk" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"> </td> <td id="xdx_494_20260116__20260116__oef--ClassAxis__custom--C000269863Member_zwgo6dWDRSr6" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zBFLfq8f98J8"> <td style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td style="vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzitIlkQbAWl"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zS3hd15S90Uc"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_z3R1d41pWRAc" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-top: 3pt; width: 0pt; padding-bottom: 3pt"></td><td style="padding-top: 3pt; width: 18pt; padding-bottom: 3pt">(1)</td><td style="padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(2)</td><td style="padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(3)</td><td style="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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCPYf6xvwDAl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z1gDyPL2uXcc" style="margin-left: auto; width: 71%; border-collapse: collapse; font-size: 10pt; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 41%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_489_eoef--ExpenseExampleYear01_zuImmB6etYQe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 10%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z2onRHSKYdLi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 20%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_41D_20260116__20260116__oef--ClassAxis__custom--C000269863Member_zDnwbtTvykWf" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long AQMS Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of AQMS on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on AQMS or by investing directly in the common stock of AQMS. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in AQMS common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of AQMS is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in AQMS that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (AQMS) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain AQMS exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which AQMS is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which AQMS is assigned). As of the date of this prospectus, AQMS is assigned to the industrials sector and the waste management industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of AQMS. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to AQMS is consistent with the Fund’s investment objective. The impact of AQMS’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of AQMS 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 AQMS has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Aqua Metals, Inc. engages in reinventing metals recycling activities with its patented AquaRefining technology. AQMS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Aqua Metals, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37515 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Aqua Metals, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Aqua Metals, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Aqua Metals, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of AQMS have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Aqua Metals, Inc. could affect the value of the Fund’s investments with respect to AQMS and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of AQMS on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zj7PLrq1Zt99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of AQMS’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of AQMS during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how AQMS 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) AQMS volatility; b) AQMS 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 AQMS. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of AQMS volatility and AQMS performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to AQMS; (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 AQMS. During periods of higher AQMS volatility, the volatility of AQMS may affect the Fund’s return as much as, or more than, the return of AQMS. 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 AQMS during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if AQMS provided no return over a one-year period during which AQMS 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 AQMS’s return is flat. For instance, if AQMS’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of AQMS 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 AQMS. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; width: 58%; background-color: white; font-size: 10pt"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year </td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> AQMS’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 141.86%. AQMS’s annualized daily volatility rates were as follows: 2021 99.24% 2022 91.84% 2023 70.21% 2024 105.96% 2025 258.13% AQMS’s annualized performance for the five-year period ended December 31, 2025 was -61.91%. Historical volatility and performance are not indications of what AQMS volatility and performance will be in the future. The trading price of AQMS’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of AQMS’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently AQMS’s 52-week high stock price was $39.40 on October 14, 2025, and its 52-week low stock price was $3.37 on August 25, 2025. AQMS’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of AQMS 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 AQMS, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if AQMS 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 AQMS does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with AQMS and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of AQMS, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to AQMS that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of AQMS at the market close on the first trading day and the value of AQMS at the time of purchase. If AQMS gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if AQMS declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of AQMS. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to AQMS and therefore achieve its daily leveraged investment objective. The Fund’s exposure to AQMS is impacted by AQMS’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to AQMS at the end of each day. The possibility of the Fund being materially over- or under-exposed to AQMS increases on days when AQMS is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) AQMS. 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 AQMS. 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 AQMS. 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 AQMS. Any of these factors could decrease the correlation between the performance of the Fund and AQMS and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Aqua Metals, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Aqua Metals, Inc. and make no representation as to the performance of AQMS. Investing in the Fund is not equivalent to investing in AQMS. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to AQMS. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. AQMS Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, AQMS faces risks unique to its operations including, among others, successful scale-up, commercialization, and adoption of its recycling technologies; manufacturing, commissioning, and supply-chain delays; increases in the cost of, or shortages in, labor, energy, equipment, or raw materials; uncertainty in demand for recycled battery materials or technology licensing arrangements; potential environmental, regulatory, or product liability claims; and the ability to attract, retain, and motivate key management, technical, and operational personnel.. The trading price of AQMS common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of AQMS’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. AQMS is a highly dynamic company, and its operations, including its products and services, may change. Industrials Sector Risk. The Fund’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs. Industry Concentration Risk. The Fund will be concentrated in the industry to which Aqua Metals, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Aqua Metals, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, AQMS is assigned to the waste management industry. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--WasteManagementIndustryRiskMember_z3lDynO9ZLri"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Waste Management Industry Risk. Waste management companies can be significantly affected by extensive environmental regulation, fluctuations in commodity recycling prices, operational and safety risks, and changes in waste generation trends. The market for services provided by waste management companies is characterized by high capital requirements, exposure to fuel and labor cost variability, and dependence on long-term municipal and commercial contracts. The success of waste management companies depends in substantial part on their ability to obtain and maintain permits, comply with environmental and safety standards, manage landfill capacity, and adapt to evolving recycling technologies and sustainability initiatives. An unexpected change in environmental laws, waste disposal regulations, or recycling mandates could have a material adverse effect on a participant’s operating results. Many waste management companies rely on favorable governmental policies, local franchise agreements, and long-term customer relationships to sustain revenues. There can be no assurance that such arrangements will continue or that competitors will not obtain similar contracts or offer services that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Micro-Capitalization Company Risk. Micro-capitalization companies generally have extremely limited financial, managerial, and operational resources, narrow product lines or services, and limited operating histories. These companies may be highly dependent on a small number of products, customers, or key personnel and may have limited access to capital markets or financing on favorable terms. As a result, micro-cap companies may be particularly vulnerable to adverse business, economic, or market developments, and their securities may experience substantial price volatility, low trading volumes, and reduced liquidity. These factors may make it difficult to buy or sell shares at desired prices and may increase the risk of significant losses. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with AQMS. 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 AQMS value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the AQMS. Under such circumstances, the market for AQMS 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 AQMS and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for AQMS 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 AQMS and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with AQMS and may incur substantial losses. If there is a significant intra-day market event and/or AQMS experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of AQMS does not provide leveraged exposure to AQMS and, as a result, if the Fund invests directly in common stock of AQMS to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zFaEqkUdLXRf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zWXZCbVeaZV6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zuFHU34CZtPa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zj47olKXKA94"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zUyalkvxiNX9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG AREC DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of AREC. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_ze4o5BNzcw6f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zz6UIkMmwyga" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; visibility: hidden"> </td> <td id="xdx_49C_20260116__20260116__oef--ClassAxis__custom--C000269864Member_zKzXdvmV2pKb" style="display: none; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt; visibility: hidden"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zecnAOVQywJ8"> <td style="width: 64%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td style="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbSLIpMawXN2"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zc5ZnArMUru6"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_z7YWo8PQ7sig" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0"></td><td style="padding-bottom: 3pt; width: 0.25in">(2)</td><td style="padding-bottom: 3pt; text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(3)</td><td style="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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpQf9yK1YiNd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zX9WPT0TLntk" style="margin-left: auto; width: 71%; border-collapse: collapse; font-size: 10pt; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 41%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_485_eoef--ExpenseExampleYear01_zA2if9Y1nl3c" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 10%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_zjcVvYsue8gi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 20%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_410_20260116__20260116__oef--ClassAxis__custom--C000269864Member_ztKPirWIJpk4" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long AREC Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of AREC on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on AREC or by investing directly in the common stock of AREC. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in AREC common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of AREC is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in AREC that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (AREC) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain AREC exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which AREC is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which AREC is assigned). As of the date of this prospectus, AREC is assigned to the basic materials sector and the coking coal industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of AREC. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to AREC is consistent with the Fund’s investment objective. The impact of AREC’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of AREC 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 AREC has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. American Resources Corporation engages in the production of rare earth and critical mineral concentrates for the infrastructure and electrification markets. AREC is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by American Resources Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38816 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding American Resources Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding American Resources Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding American Resources Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of AREC have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning American Resources Corporation could affect the value of the Fund’s investments with respect to AREC and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of AREC on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zswygGRfjSMh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of AREC’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of AREC during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how AREC 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) AREC volatility; b) AREC 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 AREC. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of AREC volatility and AREC performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to AREC; (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 AREC. During periods of higher AREC volatility, the volatility of AREC may affect the Fund’s return as much as, or more than, the return of AREC. 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 AREC during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if AREC provided no return over a one-year period during which AREC 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 AREC’s return is flat. For instance, if AREC’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of AREC 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 AREC. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; width: 58%; background-color: white; font-size: 10pt"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year </td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> AREC’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 110.71%. AREC’s annualized daily volatility rates were as follows: 2021 108.23% 2022 87.96% 2023 74.88% 2024 90.92% 2025 167.58% AREC’s annualized performance for the five-year period ended December 31, 2025 was 5.00%. Historical volatility and performance are not indications of what AREC volatility and performance will be in the future. The trading price of AREC’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of AREC’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently AREC’s 52-week high stock price was $7.11 on October 14, 2025, and its 52-week low stock price was $0.38 on April 7, 2025. AREC’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of AREC 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 AREC, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if AREC 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 AREC does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with AREC and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of AREC, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to AREC that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of AREC at the market close on the first trading day and the value of AREC at the time of purchase. If AREC gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if AREC declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of AREC. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to AREC and therefore achieve its daily leveraged investment objective. The Fund’s exposure to AREC is impacted by AREC’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to AREC at the end of each day. The possibility of the Fund being materially over- or under-exposed to AREC increases on days when AREC is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) AREC. 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 AREC. 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 AREC. 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 AREC. Any of these factors could decrease the correlation between the performance of the Fund and AREC and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. American Resources Corporation is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of American Resources Corporation and make no representation as to the performance of AREC. Investing in the Fund is not equivalent to investing in AREC. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to AREC. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. AREC Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, AREC faces risks unique to its operations including, among others, successful development, scale-up, and commercialization of its rare earth and critical minerals processing technologies; execution risk associated with transitioning away from or de-emphasizing legacy coal operations; dependence on securing sufficient feedstock supply and processing agreements; technological performance and recovery efficiency risks; permitting, environmental compliance, and regulatory approval risks; volatility in commodity prices; and competition from larger or better-capitalized market participants.. The trading price of AREC common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of AREC’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. AREC is a highly dynamic company, and its operations, including its products and services, may change. Materials Sector Risk. The materials sector includes companies from the following industries: chemicals; metals & mining; paper & forest products; containers & packaging; and construction materials. Many companies in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liability for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations. Industry Concentration Risk. The Fund will be concentrated in the industry to which American Resources Corporation is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which American Resources Corporation is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, AREC is assigned to the coking coal industry. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CokingCoalIndustryRiskMember_zfpDFX07fon5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Coking Coal Industry Risk. Coking coal companies can be significantly affected by fluctuations in global commodity prices, changes in steel production demand, environmental regulations, labor conditions, and transportation constraints. The market for products produced by coking coal companies is characterized by cyclical demand tied to industrial output, particularly steel manufacturing, as well as sensitivity to global economic and geopolitical conditions. The success of coking coal companies depends in substantial part on their ability to maintain efficient mining operations, secure transportation and export logistics, manage production costs, and comply with environmental and safety regulations. An unexpected decline in steel demand, increase in regulatory compliance costs, labor disputes, or disruption in shipping and rail infrastructure could have a material adverse effect on a participant’s operating results. Many coking coal companies rely on long-term supply contracts and access to high-quality reserves to sustain profitability. There can be no assurance that such arrangements will continue or that competitors will not access comparable reserves or offer coal products that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Micro-Capitalization Company Risk. Micro-capitalization companies generally have extremely limited financial, managerial, and operational resources, narrow product lines or services, and limited operating histories. These companies may be highly dependent on a small number of products, customers, or key personnel and may have limited access to capital markets or financing on favorable terms. As a result, micro-cap companies may be particularly vulnerable to adverse business, economic, or market developments, and their securities may experience substantial price volatility, low trading volumes, and reduced liquidity. These factors may make it difficult to buy or sell shares at desired prices and may increase the risk of significant losses. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with AREC. 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 AREC value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the AREC. Under such circumstances, the market for AREC 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 AREC and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for AREC 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 AREC and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with AREC and may incur substantial losses. If there is a significant intra-day market event and/or AREC experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of AREC does not provide leveraged exposure to AREC and, as a result, if the Fund invests directly in common stock of AREC to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zuvgsUeYbMe8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z7fAZTCQ7Yci"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zj7RINobT5L9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z5xg2WPD1S5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zt4rvq8eZEjc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG BLBX DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of BLBX. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zE0cZPZ7tK7k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zxZvg5VOiKd2" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; visibility: hidden"> </td> <td id="xdx_49F_20260116__20260116__oef--ClassAxis__custom--C000269865Member_zQiDk15jknxl" style="display: none; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt; visibility: hidden"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zTJpLZ8RsCkd"> <td style="width: 64%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td style="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_z12IPFpN3t4g"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zV7a7yN194Xl"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zlPbPIKj0sj8" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0"></td><td style="padding-bottom: 3pt; width: 0.25in">(2)</td><td style="padding-bottom: 3pt; text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(3)</td><td style="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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zblSxVHdCu4j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zekgAOtKBYed" style="margin-left: auto; width: 71%; border-collapse: collapse; font-size: 10pt; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 41%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zxDVuflQVFrg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 10%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zsqzcbYw9hlj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 20%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_411_20260116__20260116__oef--ClassAxis__custom--C000269865Member_zikcwMFYdUD8" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long BLBX Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of BLBX on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on BLBX or by investing directly in the common stock of BLBX. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in BLBX common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of BLBX is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in BLBX that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (BLBX) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain BLBX exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which BLBX is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which BLBX is assigned). As of the date of this prospectus, BLBX is assigned to the technology sector and the software application industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of BLBX. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to BLBX is consistent with the Fund’s investment objective. The impact of BLBX’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of BLBX 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 BLBX has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Blackboxstocks Inc. develops a financial technology and social media hybrid platform. BLBX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Blackboxstocks Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41051 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Blackboxstocks Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Blackboxstocks Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Blackboxstocks Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BLBX have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Blackboxstocks Inc. could affect the value of the Fund’s investments with respect to BLBX and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of BLBX on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zpj3LwmGHnah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of BLBX’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of BLBX during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how BLBX 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) BLBX volatility; b) BLBX 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 BLBX. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of BLBX volatility and BLBX performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to BLBX; (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 BLBX. During periods of higher BLBX volatility, the volatility of BLBX may affect the Fund’s return as much as, or more than, the return of BLBX. 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 BLBX during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if BLBX provided no return over a one-year period during which BLBX 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 BLBX’s return is flat. For instance, if BLBX’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of BLBX 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 BLBX. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; width: 58%; background-color: white; font-size: 10pt"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year </td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> BLBX’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 192.24%. BLBX’s annualized daily volatility rates were as follows: 2021 283.71% 2022 103.90% 2023 177.44% 2024 99.49% 2025 257.88% BLBX’s annualized performance for the five-year period ended December 31, 2025 was -5.60%. Historical volatility and performance are not indications of what BLBX volatility and performance will be in the future. The trading price of BLBX’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of BLBX’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently BLBX’s 52-week high stock price was $17.75 on October 15, 2025, and its 52-week low stock price was $1.61 on January 21, 2025. BLBX’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of BLBX 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 BLBX, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if BLBX 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 BLBX does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with BLBX and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of BLBX, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to BLBX that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of BLBX at the market close on the first trading day and the value of BLBX at the time of purchase. If BLBX gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if BLBX declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of BLBX. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to BLBX and therefore achieve its daily leveraged investment objective. The Fund’s exposure to BLBX is impacted by BLBX’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to BLBX at the end of each day. The possibility of the Fund being materially over- or under-exposed to BLBX increases on days when BLBX is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) BLBX. 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 BLBX. 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 BLBX. 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 BLBX. Any of these factors could decrease the correlation between the performance of the Fund and BLBX and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Blackboxstocks Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Blackboxstocks Inc. and make no representation as to the performance of BLBX. Investing in the Fund is not equivalent to investing in BLBX. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to BLBX. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. BLBX Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, BLBX faces risks unique to its operations including, among others, its ability to grow and retain its subscriber base; competition from larger, better-capitalized financial data and trading-platform providers; dependence on third-party data sources, market infrastructure, and technology vendors; system outages, cybersecurity incidents, or data integrity issues; and the need to continually update and enhance its platform to remain competitive.. The trading price of BLBX common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of BLBX’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. BLBX is a highly dynamic company, and its operations, including its products and services, may change. Technology Sector Risk. The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense competition, obsolescence of existing technology, general economic conditions and government regulation and may have limited product lines, markets, financial resources, or personnel. Technology companies may experience dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely impact a company’s profitability. A small number of companies represent a large portion of the technology industry. In addition, a rising interest rate environment tends to negatively affect technology companies, those technology companies seeking to finance expansion would have increased borrowing costs, which may negatively impact earnings. Technology companies having high market valuations may appear less attractive to investors, which may cause sharp decreases in their market prices. Industry Concentration Risk. The Fund will be concentrated in the industry to which Blackboxstocks Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Blackboxstocks Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, BLBX is assigned to the software application industry. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ComputerSoftwareIndustryRiskMember_zw6ow1otE6V"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Computer Software Industry Risk. Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by computer software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Micro-Capitalization Company Risk. Micro-capitalization companies generally have extremely limited financial, managerial, and operational resources, narrow product lines or services, and limited operating histories. These companies may be highly dependent on a small number of products, customers, or key personnel and may have limited access to capital markets or financing on favorable terms. As a result, micro-cap companies may be particularly vulnerable to adverse business, economic, or market developments, and their securities may experience substantial price volatility, low trading volumes, and reduced liquidity. These factors may make it difficult to buy or sell shares at desired prices and may increase the risk of significant losses. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with BLBX. 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 BLBX value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the BLBX. Under such circumstances, the market for BLBX 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 BLBX and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for BLBX 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 BLBX and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with BLBX and may incur substantial losses. If there is a significant intra-day market event and/or BLBX experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of BLBX does not provide leveraged exposure to BLBX and, as a result, if the Fund invests directly in common stock of BLBX to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zo54yAZezfD9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zmMszQ6tTBFa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zoJR9MXREUJ5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zaqJ20zprEb7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zMkqS4pMcx3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X INVERSE BMNR DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of BMNR. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_znFXFd1ukzDl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_znAqEgjX99Q2" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal"> </td> <td id="xdx_494_20260116__20260116__oef--ClassAxis__custom--C000269854Member_zufrZYviH9bk" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zAtMGQ3B4mi3"> <td style="width: 64%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td style="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDnYsKV6ebR6"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Service Fees</td> <td style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zjKNgyudvee9"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zwhjkWhkk9Gd" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="padding-top: 3pt; width: 0in; padding-bottom: 3pt"></td><td style="padding-top: 3pt; width: 0.25in; text-align: left; padding-bottom: 3pt">(1)</td><td style="padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 3pt; width: 0"></td><td style="padding-bottom: 3pt; width: 0.25in; text-align: left">(2)</td><td style="padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify; padding-right: 17.3pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvwlVsO3XAL9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zHRmrClU14zi" style="margin-left: auto; width: 71%; border-collapse: collapse; font-size: 10pt; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 41%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_486_eoef--ExpenseExampleYear01_zCCzyZPpfkEd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 10%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zp2UrHDVeZbj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 20%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_41B_20260116__20260116__oef--ClassAxis__custom--C000269854Member_zN08jw8aQxF5" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Inverse BMNR Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% inverse (opposite) exposure to the price performance of BMNR on a daily basis. The Fund may also seek to achieve its investment objective by purchasing put options on BMNR or by engaging in short sales of the common stock of BMNR. The Adviser will determine the allocation of the Fund’s investments in swap agreements, put options and short sales of BMNR common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Short sales of the common stock of BMNR is typically less efficient than the use of swap agreements because short sales do not provide leveraged returns. This may result in the Fund not achieving its -200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in BMNR that is equal, on a daily basis, to -200% of the value of the Fund’s net assets. If the Adviser determines to use put options, the Fund will purchase exchange traded put options, including “FLEX Options,” with BMNR as the reference security. Put options give the holder (i.e., the buyer) the right to sell an asset and the seller (i.e., the writer) the obligation to purchase the asset at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. If the Adviser determines to engage in short sales on the common stock of BMNR, the Fund will sell shares of BMNR that it has borrowed. When executing a short sale, the Fund borrows the security from a third party and sells it at the then current market price. The Fund is then obligated to buy the security on a later date and return the security to the lender. The Fund will realize a profit if the price of the underlying stock decreases or incur a loss if the price of the underlying stock increases while the Fund is holding the borrowed security. The Fund may reinvest the proceeds of its short sales. The Adviser attempts to consistently apply leverage to obtain short BMNR exposure for the Fund equal to -200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which BMNR is assigned (i.e., hold 25% or more of its total assets in investments that provide inverse exposure in the industry to which BMNR is assigned). As of the date of this prospectus, BMNR is assigned to the financial services sector and the capital markets industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of BMNR. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to BMNR is consistent with the Fund’s investment objective. The impact of BMNR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of BMNR has 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 BMNR has risen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit Ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Bitmine Immersion Technologies, Inc. operates as a blockchain technology company primarily in the United States. BMNR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Bitmine Immersion Technologies, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42675 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Bitmine Immersion Technologies, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Bitmine Immersion Technologies, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Bitmine Immersion Technologies, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BMNR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Bitmine Immersion Technologies, Inc. could affect the value of the Fund’s investments with respect to BMNR and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance decreases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% inverse (opposite) exposure to the price performance of BMNR on a daily basis. The Fund may not achieve its inverse investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zRxv8fL8pG0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from -200% of BMNR’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are inverse and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of BMNR during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how BMNR volatility and its return could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) BMNR volatility; b) BMNR performance; c) period of time; d) financing rates associated with inverse exposure; e) other Fund expenses; and f) dividends or interest paid with respect BMNR. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of BMNR volatility and BMNR performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect BMNR; (ii) there were no Fund expenses; and (iii) borrowing/lending rates (to obtain inverse exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be different than those shown. Particularly during periods of higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of BMNR. During periods of higher BMNR volatility, the volatility of BMNR may affect the Fund’s return as much as, or more than, the return of BMNR. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of BMNR during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 17.1% if BMNR provided no return over a one-year period during which BMNR experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if BMNR’s return is flat. For instance, if BMNR’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of BMNR and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of BMNR. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Inverse Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; width: 58%; background-color: white; font-size: 10pt"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">-200% One Year </td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">506.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">418.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">195.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">15.6%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-68.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">288.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">231.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">88.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-26.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">169.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">130.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-48.6%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">98.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">69.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-62.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-89.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">51.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">29.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-26.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-71.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-92.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">2.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-41.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-77.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-93.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-52.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-81.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-95.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-95.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-32.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-42.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-67.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-96.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-89.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-97.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-57.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.6%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-97.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-56.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-91.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-97.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-62.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-67.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-81.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-92.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-98.1%</td></tr> </table> BMNR’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 474.27%. BMNR’s annualized daily volatility rates were as follows: 2021 370.15% 2022 297.94% 2023 365.74% 2024 252.04% 2025 771.84% BMNR’s annualized performance for the five-year period ended December 31, 2025 was -12.45%. Historical volatility and performance are not indications of what BMNR volatility and performance will be in the future. The trading price of BMNR’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of BMNR’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently BMNR’s 52-week high stock price was $161.00 on July 3, 2025, and its 52-week low stock price was $3.20 on May 19, 2025. BMNR’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information Regarding Investment Techniques and Policies”, and “Leverage “ in the Fund’s Statement of Additional Information. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Put Options. The use of put options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its inverse investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its inverse investment objective or may decide to change its inverse investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of -200% of the daily performance of BMNR, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to BMNR that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Shorting Risk. A short position is a financial transaction in which an investor sells an asset that the investor does not own. In such a transaction, an investor’s short position appreciates when a reference asset falls in value. By contrast, the short position loses value when the reference asset’s value increases. Because historically most assets have risen in value over the long term, short positions are expected to depreciate in value. Accordingly, short positions may be riskier and more speculative than traditional investments. In addition, any income, dividends, or payments by reference assets in which the Fund has a short position will impose expenses on the Fund that reduce returns. The Fund will obtain short exposure through the use of swap agreements, purchased put options, and physical short sales of BMNR. To the extent that the Fund obtains short exposure from derivatives, the Fund may be exposed to heightened volatility or limited liquidity related to the reference asset of the underlying short position, which will adversely impact the Fund’s ability to meet its investment objective or adversely impact its performance. If the Fund were to experience this volatility or decreased liquidity, the Fund may be required to obtain short exposure through alternative investment strategies that may be less desirable or more costly to implement. If the reference asset underlying the short position is thinly traded or has a limited market, there may be a lack of available securities or counterparties for the Fund to enter into a short position or obtain short exposure from a derivative. To the extent the Fund engages in physical short sales, the Fund is subject to the risk that the price of the security will increase between the date of the short sale and the date on which the Fund replaces the security, the Fund will experience a loss, which is theoretically unlimited. In addition, physical short sales do not provide -200% exposure to BMNR and, as a result, if the Fund engages in physical short sales to a greater extent, the Fund may not achieve its -200% daily investment objective. Cash Transaction Risk. Unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally for in-kind securities, because of the nature of the financial instruments held by the Fund. As a result, the Fund is not expected to be tax efficient and will incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than other funds that primarily effect creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Intra-Day Investment Risk. The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of BMNR at the market close on the first trading day and the value of BMNR at the time of purchase. If BMNR loses value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if BMNR rises, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of BMNR. If there is a significant intra-day market event and/or BMNR experiences a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close prior to the close of trading on the Exchange and experience significant losses. Daily Inverse Correlation Risk. There is no guarantee that the Fund will achieve a high degree of inverse correlation to BMNR and therefore achieve its daily inverse investment objective. The Fund’s exposure to BMNR is impacted by BMNR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to BMNR at the end of each day. The possibility of the Fund being materially over- or under-exposed to BMNR increases on days when BMNR is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily inverse investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) BMNR. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s desired inverse correlation with BMNR. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to BMNR. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of BMNR. Any of these factors could decrease the inverse correlation between the performance of the Fund and BMNR and may hinder the Fund’s ability to meet its daily inverse investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Bitmine Immersion Technologies, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Bitmine Immersion Technologies, Inc. and make no representation as to the performance of BMNR. Investing in the Fund is not equivalent to investing in BMNR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to BMNR. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. BMNR Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, BMNR faces risks unique to its operations including, among others, volatility in the prices of cryptocurrencies and digital assets; dependence on the availability and cost of electricity and hosting facilities; operational risks associated with mining equipment performance, obsolescence, and supply-chain constraints; technological and cybersecurity risks; and regulatory uncertainty affecting cryptocurrency mining, staking, and digital asset activities in the United States and other jurisdictions.. The trading price of BMNR common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of BMNR’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. BMNR is a highly dynamic company, and its operations, including its products and services, may change. Financials Sector Risk. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Adverse economic, business or political developments affecting real estate could have a major effect on the value of real estate securities (which include REITs). Declining real estate values could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate. Industry Concentration Risk. The Fund will be concentrated in the industry to which Bitmine Immersion Technologies, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Bitmine Immersion Technologies, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, BMNR is assigned to the capital markets industry. <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapitalMarketsIndustryRiskMember_zHfrRkUUL6F2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Capital Markets Industry Risk. The Fund may invest in companies operating within the capital markets industry, including investment banks, asset managers, securities exchanges, and other financial services providers. These companies are subject to extensive government regulation and oversight, which can change rapidly and unpredictably, potentially affecting profitability and business operations. The performance of capital markets firms is closely tied to the health of global financial markets, investor sentiment, and the level of trading, underwriting, and asset management activity. These companies may be adversely affected during periods of market volatility, declining equity or debt issuance, or reduced investor participation. In addition, capital markets firms often have significant exposure to counterparty, credit, and liquidity risk, particularly in times of financial stress. Operational failures, cybersecurity breaches, and reputational damage can also materially impact their value. As a result, adverse developments in the capital markets industry may negatively affect the Fund’s investments and performance.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Large-Capitalization Company Risk. Large-capitalization companies typically have significant financial resources, extensive product lines and broad markets for their goods and/or services. However, they may be less able to adapt to changing market conditions or to respond quickly to competitive challenges or to changes in business, product, financial, or market conditions and may not be able to maintain growth at rates that may be achieved by well-managed smaller and mid-size companies, which may affect the companies’ returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with BMNR. There is no assurance that a security or derivative instrument that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund. To the extent that BMNR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in BMNR. Under such circumstances, the market for BMNR may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have more difficulty transacting in the securities or financial instruments and the Fund’s transactions could exacerbate the price changes of BMNR and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for certain securities in BMNR and/or Fund may lack sufficient liquidity for all market participants’ trades. Therefore, the Fund may have difficulty transacting in it and/or in correlated investments, such as swap contracts. Further, the Fund’s transactions could exacerbate illiquidity and volatility in the price of BMNR and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with BMNR and may incur substantial losses. If there is a significant intra-day market event and/or the securities of the Index experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. To the extent that the Fund engages in short sales of the common stock of BMNR, such short sales do not provide leveraged exposure to BMNR and, as a result, the Fund may not achieve its -200% daily investment objective. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zhEWNyD43OXg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z6Qxv6mHobU"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zFHdHLYjc1Rd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zEf4QvqiBUt3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z7TIjS5Q3O79"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG FTEL DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of FTEL. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zpqNIJ0ICfgc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zWNIkokfzg77" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; visibility: hidden"> </td> <td id="xdx_493_20260116__20260116__oef--ClassAxis__custom--C000269866Member_zeosTBY0OXLk" style="display: none; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt; visibility: hidden"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_z3DPKkUEyang"> <td style="width: 64%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td style="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zyIQGzZ9L6Q8"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zJzr02dflkci"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zppCKYIOnnuj" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-top: 3pt; width: 0pt; padding-bottom: 3pt"></td><td style="padding-top: 3pt; width: 18pt; padding-bottom: 3pt">(1)</td><td style="padding-top: 3pt; text-align: justify; padding-right: 17.3pt; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0"></td><td style="padding-bottom: 3pt; width: 0.25in">(2)</td><td style="padding-bottom: 3pt; text-align: justify; padding-right: 17.3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify; padding-right: 17.3pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zF73Y5w4JEY3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zCulLWI8otZg" style="margin-left: auto; width: 71%; border-collapse: collapse; font-size: 10pt; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 41%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_48A_eoef--ExpenseExampleYear01_zMfDbgv7fZsh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 10%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zkqjgA3qVTn8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 20%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_41A_20260116__20260116__oef--ClassAxis__custom--C000269866Member_zKgO24254RSa" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long FTEL Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of FTEL on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on FTEL or by investing directly in the common stock of FTEL. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in FTEL common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of FTEL is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in FTEL that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (FTEL) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain FTEL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which FTEL is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which FTEL is assigned). As of the date of this prospectus, FTEL is assigned to the consumer cyclical sector and the specialty retail industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of FTEL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to FTEL is consistent with the Fund’s investment objective. The impact of FTEL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of FTEL 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 FTEL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Fitell Corporation, through its subsidiary, GD Wellness Pty Ltd, operates as an online retailer of gym and fitness equipment for personal training studios and commercial gyms chains in Australia and Southeast Asia. FTEL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Fitell Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41774 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Fitell Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Fitell Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Fitell Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of FTEL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Fitell Corporation could affect the value of the Fund’s investments with respect to FTEL and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of FTEL on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zFLqezMaSty6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of FTEL’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of FTEL during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how FTEL 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) FTEL volatility; b) FTEL 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 FTEL. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of FTEL volatility and FTEL performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to FTEL; (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 FTEL. During periods of higher FTEL volatility, the volatility of FTEL may affect the Fund’s return as much as, or more than, the return of FTEL. 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 FTEL during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if FTEL provided no return over a one-year period during which FTEL 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 FTEL’s return is flat. For instance, if FTEL’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of FTEL 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 FTEL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; width: 58%; background-color: white; font-size: 10pt"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year </td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> FTEL’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 189.61%. FTEL’s annualized daily volatility rates were as follows: 2023 191.90% 2024 201.71% 2025 172.53% Volatility for a shorter period of time may have been substantially higher. FTEL’s annualized performance for the five-year period ended December 31, 2025 was -88.00%. Historical volatility and performance are not indications of what FTEL volatility and performance will be in the future. The trading price of FTEL’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of FTEL’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently FTEL’s 52-week high stock price was $1,446.17 on January 13, 2025, and its 52-week low stock price was $2.91 on January 7, 2026. FTEL’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of FTEL 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 FTEL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if FTEL 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 FTEL does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with FTEL and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of FTEL, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to FTEL that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of FTEL at the market close on the first trading day and the value of FTEL at the time of purchase. If FTEL gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if FTEL declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of FTEL. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to FTEL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to FTEL is impacted by FTEL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to FTEL at the end of each day. The possibility of the Fund being materially over- or under-exposed to FTEL increases on days when FTEL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) FTEL. 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 FTEL. 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 FTEL. 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 FTEL. Any of these factors could decrease the correlation between the performance of the Fund and FTEL and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Fitell Corporation is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Fitell Corporation and make no representation as to the performance of FTEL. Investing in the Fund is not equivalent to investing in FTEL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to FTEL. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. FTEL Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, FTEL faces risks unique to its operations including, among others, consumer and commercial demand for fitness equipment, which may be cyclical and sensitive to economic conditions; competition from larger, better-capitalized fitness equipment manufacturers and retailers; dependence on third-party manufacturers, suppliers, and logistics providers, including risks of supply-chain disruptions, shipping delays, or increased freight and input costs; and inventory management and product obsolescence risks.. The trading price of FTEL common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of FTEL’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. FTEL is a highly dynamic company, and its operations, including its products and services, may change. Consumer Cyclical Sector Risk. Investments in the consumer cyclical sector involve risks associated with companies that manufacture products and provide discretionary services directly to the consumer. The risk associated with these companies is closely tied to the performance of the global economy, interest rates, competition, and consumer confidence. Industry Concentration Risk. The Fund will be concentrated in the industry to which Fitell Corporation is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Fitell Corporation is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, FTEL is assigned to the specialty retail industry. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SpecialtyIndustryRiskMember_zmm0NMITJANa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Specialty Industry Risk. Specialty retail companies can be significantly affected by shifts in consumer preferences, competitive pressures, seasonal demand patterns, economic conditions, and changes in discretionary spending. The market for products sold by specialty retail companies is characterized by intense competition, evolving consumer trends, rapid product turnover, and sensitivity to changes in consumer confidence and disposable income levels. The success of specialty retail companies depends in substantial part on their ability to anticipate customer preferences, manage inventory effectively, maintain attractive pricing, and adapt to technological innovations such as e-commerce and digital marketing. An unexpected downturn in consumer spending, disruption in supply chains, or failure to respond to shifting shopping behaviors could have a material adverse effect on a participant’s operating results. Many specialty retail companies rely on brand recognition, store location strategy, and supplier relationships to drive sales and profitability. There can be no assurance that such advantages will continue or that competitors will not introduce products or retail experiences that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Micro-Capitalization Company Risk. Micro-capitalization companies generally have extremely limited financial, managerial, and operational resources, narrow product lines or services, and limited operating histories. These companies may be highly dependent on a small number of products, customers, or key personnel and may have limited access to capital markets or financing on favorable terms. As a result, micro-cap companies may be particularly vulnerable to adverse business, economic, or market developments, and their securities may experience substantial price volatility, low trading volumes, and reduced liquidity. These factors may make it difficult to buy or sell shares at desired prices and may increase the risk of significant losses. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with FTEL. 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 FTEL value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the FTEL. Under such circumstances, the market for FTEL 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 FTEL and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for FTEL 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 FTEL and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with FTEL and may incur substantial losses. If there is a significant intra-day market event and/or FTEL experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of FTEL does not provide leveraged exposure to FTEL and, as a result, if the Fund invests directly in common stock of FTEL to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zcmIRgGkADah"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zMv0kTEzJROk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zyNGCnLLtIBd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zDEWAmN8FQvg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zVak7EQXORWl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG IDR DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of IDR. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zHCme5KJvIM5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zL7gUiE2tNpj" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden"> <td style="display: none; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; visibility: hidden"> </td> <td id="xdx_496_20260116__20260116__oef--ClassAxis__custom--C000269867Member_zIeThIXHnFCe" style="display: none; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt; visibility: hidden"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zJL5nRf6LNR5"> <td style="width: 64%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Management Fee(1)</td> <td style="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmG4VQ95DBxk"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Distribution (12b-1) and Services Fees</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zI3tnsG1rkvh"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Other Expenses(2)</td> <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zJb9PdbMXux" style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: normal; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-top: 3pt; width: 0pt; padding-bottom: 3pt"></td><td style="padding-top: 3pt; width: 18pt; padding-bottom: 3pt">(1)</td><td style="padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="padding-bottom: 3pt; width: 0"></td><td style="padding-bottom: 3pt; width: 0.25in">(2)</td><td style="padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">(3)</td><td style="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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztNMYigbg6Y4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zSNbHMP8cvR8" style="margin-left: auto; width: 71%; border-collapse: collapse; font-size: 10pt; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 41%; text-align: justify; font-weight: normal">Name of Fund</td> <td id="xdx_487_eoef--ExpenseExampleYear01_zaS6PUs7ODgb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 10%; text-align: center; font-weight: normal">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zFvSN8sf6Lkg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.45pt; width: 20%; text-align: center; font-weight: normal">3 Years</td></tr> <tr id="xdx_41D_20260116__20260116__oef--ClassAxis__custom--C000269867Member_zf4RXUWKRaP8" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify; font-weight: normal">T-REX 2X Long IDR Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center; font-weight: normal">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of IDR on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on IDR or by investing directly in the common stock of IDR. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in IDR common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of IDR is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in IDR that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (IDR) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain IDR exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which IDR is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which IDR is assigned). As of the date of this prospectus, IDR is assigned to the basic materials sector and the gold industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of IDR. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to IDR is consistent with the Fund’s investment objective. The impact of IDR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of IDR 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 IDR has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Idaho Strategic Resources, Inc., a resource-based company, engages in the exploration, development, and extraction of gold, silver, and base metal mineral resources in the North Idaho. IDR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Idaho Strategic Resources, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41320 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Idaho Strategic Resources, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Idaho Strategic Resources, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Idaho Strategic Resources, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of IDR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Idaho Strategic Resources, Inc. could affect the value of the Fund’s investments with respect to IDR and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of IDR on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zHyiNQV2uGA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of IDR’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of IDR during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how IDR 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) IDR volatility; b) IDR 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 IDR. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of IDR volatility and IDR performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to IDR; (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 IDR. During periods of higher IDR volatility, the volatility of IDR may affect the Fund’s return as much as, or more than, the return of IDR. 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 IDR during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if IDR provided no return over a one-year period during which IDR 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 IDR’s return is flat. For instance, if IDR’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of IDR 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 IDR. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; width: 58%; background-color: white; font-size: 10pt"> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year </td> <td colspan="5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Volatility Rate</td></tr> <tr style="vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.9%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-94.1%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-85.8%</td> <td style="border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-90.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-79.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-86.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-72.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-82.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.5%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-76.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-53.8%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-70.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-43.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-63.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-31.1%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-55.5%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-18.0%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-47.0%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-3.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-37.8%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">11.7%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-27.9%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">28.2%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-17.2%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">45.9%</td> <td style="border-bottom: black 1pt solid; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center; font-weight: normal">-5.8%</td></tr> </table> IDR’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 74.22%. IDR’s annualized daily volatility rates were as follows: 2021 97.20% 2022 74.08% 2023 50.71% 2024 60.82% 2025 79.59 IDR’s annualized performance for the five-year period ended December 31, 2025 was61.34%. Historical volatility and performance are not indications of what IDR volatility and performance will be in the future. The trading price of IDR’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of IDR’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently IDR’s 52-week high stock price was $54.70 on October 14, 2025, and its 52-week low stock price was $10.20 on January 15, 2025. IDR’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of IDR 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 IDR, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if IDR 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 IDR does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with IDR and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of IDR, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to IDR that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of IDR at the market close on the first trading day and the value of IDR at the time of purchase. If IDR gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if IDR declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of IDR. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to IDR and therefore achieve its daily leveraged investment objective. The Fund’s exposure to IDR is impacted by IDR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to IDR at the end of each day. The possibility of the Fund being materially over- or under-exposed to IDR increases on days when IDR is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) IDR. 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 IDR. 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 IDR. 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 IDR. Any of these factors could decrease the correlation between the performance of the Fund and IDR and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Idaho Strategic Resources, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Idaho Strategic Resources, Inc. and make no representation as to the performance of IDR. Investing in the Fund is not equivalent to investing in IDR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to IDR. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. IDR Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, IDR faces risks unique to its operations including, among others, commodity price volatility, particularly fluctuations in gold prices; exploration and development risk, including uncertainty regarding the quantity, quality, and economic viability of mineral reserves and resources; operational and geological risks; permitting, environmental compliance, and regulatory approval risks; and dependence on key personnel and contractors.. The trading price of IDR common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of IDR’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. IDR is a highly dynamic company, and its operations, including its products and services, may change. Materials Sector Risk. The materials sector includes companies from the following industries: chemicals; metals & mining; paper & forest products; containers & packaging; and construction materials. Many companies in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liability for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations. Industry Concentration Risk. The Fund will be concentrated in the industry to which Idaho Strategic Resources, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Idaho Strategic Resources, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, IDR is assigned to the gold industry. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldIndustryRiskMember_zAVEttZmW3el"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Gold Industry Risk. Gold companies can be significantly affected by fluctuations in the price of gold, changes in global economic conditions, government monetary policies, geopolitical events, and variations in production costs. The market for products produced by gold companies is characterized by sensitivity to interest rates, inflation expectations, currency exchange rates, and investor demand for precious metals as a store of value. The success of gold companies depends in substantial part on their ability to maintain efficient exploration, extraction, and production operations, manage reserve quality, and comply with environmental and safety regulations. An unexpected decline in gold prices, increase in operating or regulatory costs, or disruption in mining operations due to political instability or natural events could have a material adverse effect on a participant’s operating results. Many gold companies rely on access to proven reserves, favorable government relations, and stable labor conditions to sustain profitability. There can be no assurance that such advantages will continue or that competitors will not develop or acquire access to deposits that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Small-Capitalization Company Risk. Small-capitalization companies generally have more limited financial and managerial resources, less diversified business operations, and smaller market shares than larger companies. As a result, they may be more vulnerable to adverse business or economic developments, and their securities may be subject to greater price fluctuations and lower trading volumes. Small-cap companies may also be less able to obtain financing on favorable terms or to withstand competitive and economic pressures, which could negatively impact their performance and returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with IDR. 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 IDR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the IDR. Under such circumstances, the market for IDR 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 IDR and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for IDR 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 IDR and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with IDR and may incur substantial losses. If there is a significant intra-day market event and/or IDR experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of IDR does not provide leveraged exposure to IDR and, as a result, if the Fund invests directly in common stock of IDR to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zKSZZupTiwf6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_ziMpp78H2E7g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zBdRMLpFbYZd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zdMVyida7Ixg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zHQjWZMeWURg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG ONDS DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ONDS. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zIcAZPHVwAzf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zUjDl7AfuEHk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden"> <td style="font: normal 10pt Times New Roman, Times, Serif; display: none; text-align: justify; visibility: hidden"> </td> <td id="xdx_497_20260116__20260116__oef--ClassAxis__custom--C000269868Member_zs2SIjqNPIGe" style="font: normal 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; text-align: justify; text-indent: 0.75pt; visibility: hidden"> </td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zyCdPCKFYAAd" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 79%; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 21%; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7qixMNk8ijf" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zKwGBw0onxAc" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zcgG1SjN9Tr3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpFn72pKBY29"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zz7okaD8KXNg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_484_eoef--ExpenseExampleYear01_zBBVTxFmi6q7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zceZmhx9iRNj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_411_20260116__20260116__oef--ClassAxis__custom--C000269868Member_zuTCu7DDR3Wl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">T-REX 2X Long ONDS Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of ONDS on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on ONDS or by investing directly in the common stock of ONDS. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in ONDS common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of ONDS is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in ONDS that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (ONDS) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain ONDS exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which ONDS is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which ONDS is assigned). As of the date of this prospectus, ONDS is assigned to the technology sector and the communication equipment industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ONDS. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ONDS is consistent with the Fund’s investment objective. The impact of ONDS’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ONDS 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 ONDS has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Ondas Holdings Inc. provides private wireless, drone, and automated data solutions in the United States and internationally. ONDS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Ondas Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39761 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Ondas Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Ondas Holdings Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Ondas Holdings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ONDS have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Ondas Holdings Inc. could affect the value of the Fund’s investments with respect to ONDS and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of ONDS on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zSkEX2SVmHG4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of ONDS’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ONDS during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how ONDS 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) ONDS volatility; b) ONDS 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 ONDS. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of ONDS volatility and ONDS performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to ONDS; (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 ONDS. During periods of higher ONDS volatility, the volatility of ONDS may affect the Fund’s return as much as, or more than, the return of ONDS. 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 ONDS during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if ONDS provided no return over a one-year period during which ONDS 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 ONDS’s return is flat. For instance, if ONDS’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of ONDS 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 ONDS. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; background-color: white; margin-left: 2%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">200% One Year </td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 17%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td></tr> </table> ONDS’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 113.58%. ONDS’s annualized daily volatility rates were as follows: 2022 82.56% 2023 123.51% 2024 127.28% 2025 134.65 ONDS’s annualized performance for the five-year period ended December 31, 2025 was 0.90%. Historical volatility and performance are not indications of what ONDS volatility and performance will be in the future. The trading price of ONDS’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of ONDS’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently ONDS’s 52-week high stock price was $15.10 on January 9, 2026, and its 52-week low stock price was $0.57 on March 12, 2025. ONDS’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of ONDS 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 ONDS, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if ONDS 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 ONDS does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with ONDS and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of ONDS, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to ONDS that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of ONDS at the market close on the first trading day and the value of ONDS at the time of purchase. If ONDS gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if ONDS declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of ONDS. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to ONDS and therefore achieve its daily leveraged investment objective. The Fund’s exposure to ONDS is impacted by ONDS’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ONDS at the end of each day. The possibility of the Fund being materially over- or under-exposed to ONDS increases on days when ONDS is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ONDS. 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 ONDS. 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 ONDS. 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 ONDS. Any of these factors could decrease the correlation between the performance of the Fund and ONDS and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Ondas Holdings Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Ondas Holdings Inc. and make no representation as to the performance of ONDS. Investing in the Fund is not equivalent to investing in ONDS. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to ONDS. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. ONDS Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, ONDS faces risks unique to its operations including, among others, customer adoption of private wireless networks; long and unpredictable sales cycles, particularly with large industrial or government customers; dependence on spectrum availability, regulatory approvals, and standards adoption; competition from larger and better-capitalized telecommunications and networking providers; and technological performance, interoperability, and cybersecurity risks. The trading price of ONDS common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of ONDS’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. ONDS is a highly dynamic company, and its operations, including its products and services, may change. Technology Sector Risk. The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense competition, obsolescence of existing technology, general economic conditions and government regulation and may have limited product lines, markets, financial resources, or personnel. Technology companies may experience dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely impact a company’s profitability. A small number of companies represent a large portion of the technology industry. In addition, a rising interest rate environment tends to negatively affect technology companies, those technology companies seeking to finance expansion would have increased borrowing costs, which may negatively impact earnings. Technology companies having high market valuations may appear less attractive to investors, which may cause sharp decreases in their market prices. Industry Concentration Risk. The Fund will be concentrated in the industry to which Ondas Holdings Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Ondas Holdings Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, ONDS is assigned to the communication equipment industry. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationEquipmentIndustryRiskMember_zwnePfMez8Dg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Communication Equipment Industry Risk. Communication equipment companies can be significantly affected by rapid technological change, competitive pressures, global supply chain disruptions, and fluctuations in capital spending by network operators and enterprises. The market for products produced by communication equipment companies is characterized by short product life cycles, evolving industry standards, and continuous innovation driven by advancements in wireless, broadband, and data transmission technologies. The success of communication equipment companies depends in substantial part on their ability to anticipate technological shifts, develop and introduce new products on a timely basis, maintain cost efficiency, and manage complex manufacturing and distribution networks. An unexpected change in customer demand, delays in next-generation network rollouts, supply shortages, or shifts in regulatory or trade policies could have a material adverse effect on a participant’s operating results. Many communication equipment companies rely on patents, proprietary technologies, and strategic relationships with component suppliers and service providers to sustain competitiveness. There can be no assurance that such protections or relationships will be adequate to prevent competitive disadvantages or that rivals will not develop products that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationCompanyRiskMember_zzaHB5ZL8gNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with ONDS. 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 ONDS value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the ONDS. Under such circumstances, the market for ONDS 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 ONDS and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for ONDS 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 ONDS and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with ONDS and may incur substantial losses. If there is a significant intra-day market event and/or ONDS experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of ONDS does not provide leveraged exposure to ONDS and, as a result, if the Fund invests directly in common stock of ONDS to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_z81MnE04B7Ok"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td>Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zij0wVbTbgM2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td>Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_ztV8AakG1Dp9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td>Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z6Nr2m2OLlWe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td>Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zCFOpCN249ta"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td>Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG PC DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of PC. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zq0mhiTlE8Ij"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z3PnqhET3HY8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden"> <td style="font: normal 10pt Times New Roman, Times, Serif; display: none; text-align: justify; visibility: hidden"> </td> <td id="xdx_497_20260116__20260116__oef--ClassAxis__custom--C000269869Member_zWEHd7WkYaY" style="font: normal 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; text-align: justify; text-indent: 0.75pt; visibility: hidden"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zOEM277bFMPd" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 79%; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 21%; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zKPAPF9B0Efc" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zk9wX2WZcLW1" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zQBbh32FDrrh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFKGXZlSUUn6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zWVMOfHalo7c" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zrjpYPJYn9X1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zOxWHbAHYHUb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_41D_20260116__20260116__oef--ClassAxis__custom--C000269869Member_zDidbPXWDaGa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">T-REX 2X Long PC Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of PC on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on PC or by investing directly in the common stock of PC. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in PC common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of PC is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in PC that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (PC) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain PC exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which PC is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which PC is assigned). As of the date of this prospectus, PC is assigned to the industrials sector and the specialty business services industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PC. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PC is consistent with the Fund’s investment objective. The impact of PC’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PC 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 PC has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Premium Catering (Holdings) Limited, through its subsidiary, engages in the provision of in-flight catering and related food services, primarily serving airlines and aviation-related customers. PC is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Premium Catering (Holdings) Limited pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42281 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Premium Catering (Holdings) Limited may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Premium Catering (Holdings) Limited 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 Premium Catering (Holdings) Limited 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 PC have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Premium Catering (Holdings) Limited could affect the value of the Fund’s investments with respect to PC and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of PC on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zWareNwR0Ox3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of PC’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PC during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how PC 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) PC volatility; b) PC 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 PC. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of PC volatility and PC performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to PC; (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 PC. During periods of higher PC volatility, the volatility of PC may affect the Fund’s return as much as, or more than, the return of PC. 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 PC during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if PC provided no return over a one-year period during which PC 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 PC’s return is flat. For instance, if PC’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of PC 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 PC. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; background-color: white; margin-left: 2%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">200% One Year </td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 17%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td></tr> </table> PC’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 129.66%. PC’s annualized daily volatility rates were as follows: 2024 199.67% 2025 93.54% Volatility for a shorter period of time may have been substantially higher. PC’s annualized performance for the five-year period ended December 31, 2025 was -76.03%. Historical volatility and performance are not indications of what PC volatility and performance will be in the future. The trading price of PC’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of PC’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently PC’s 52-week high stock price was $14.00 on October 3, 2025, and its 52-week low stock price was $5.11 on July 22, 2025. PC’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of PC 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 PC, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if PC 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 PC does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with PC and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of PC, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to PC that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of PC at the market close on the first trading day and the value of PC at the time of purchase. If PC gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if PC declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of PC. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to PC and therefore achieve its daily leveraged investment objective. The Fund’s exposure to PC is impacted by PC’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PC at the end of each day. The possibility of the Fund being materially over- or under-exposed to PC increases on days when PC is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PC. 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 PC. 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 PC. 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 PC. Any of these factors could decrease the correlation between the performance of the Fund and PC and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Premium Catering (Holdings) Limited 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 Premium Catering (Holdings) Limited and make no representation as to the performance of PC. Investing in the Fund is not equivalent to investing in PC. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to PC. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. PC Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, PC faces risks unique to its operations including, among others, dependence on the commercial aviation industry, which is highly cyclical and sensitive to economic conditions, fuel prices, travel demand, geopolitical events, and public health developments; customer concentration, as revenues may be dependent on a limited number of airline customers; and pressure on margins arising from rising food, labor, transportation, and energy costs.. The trading price of PC common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of PC’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. PC is a highly dynamic company, and its operations, including its products and services, may change. Industrials Sector Risk. The Fund’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs. Industry Concentration Risk. The Fund will be concentrated in the industry to which Premium Catering (Holdings) Limited is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Premium Catering (Holdings) Limited is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, PC is assigned to the specialty business services industry. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SpecialtyBusinessServicesIndustryRiskMember_zSaL4Kn20Ysi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Specialty Business Services Industry Risk. Specialty business services companies can be significantly affected by competitive pressures, technological advancements, changes in client demand, regulatory developments, and fluctuations in general economic conditions. The market for services provided by specialty business services companies is characterized by intense competition, varying contract durations, sensitivity to corporate spending, and rapid shifts in customer preferences and technology adoption. The success of specialty business services companies depends in substantial part on their ability to attract and retain skilled personnel, maintain long-term client relationships, deliver high-quality and cost-effective services, and adapt to evolving business and regulatory environments. An unexpected decline in client budgets, loss of a major customer, or failure to implement new technologies could have a material adverse effect on a participant’s operating results. Many specialty business services companies rely on contractual arrangements, intellectual property, and established brand reputations to sustain their market position. There can be no assurance that such advantages will continue or that competitors will not offer services that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicrocapitalizationCompanyRiskMember_z7eUkFVNQl33" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Micro-Capitalization Company Risk. Micro-capitalization companies generally have extremely limited financial, managerial, and operational resources, narrow product lines or services, and limited operating histories. These companies may be highly dependent on a small number of products, customers, or key personnel and may have limited access to capital markets or financing on favorable terms. As a result, micro-cap companies may be particularly vulnerable to adverse business, economic, or market developments, and their securities may experience substantial price volatility, low trading volumes, and reduced liquidity. These factors may make it difficult to buy or sell shares at desired prices and may increase the risk of significant losses. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with PC. 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 PC value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the PC. Under such circumstances, the market for PC 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 PC and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for PC 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 PC and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with PC and may incur substantial losses. If there is a significant intra-day market event and/or PC experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of PC does not provide leveraged exposure to PC and, as a result, if the Fund invests directly in common stock of PC to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zFddksCUvA22"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z81aaptRZfPc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zRln09myKecj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zOgbMoMCC8yl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zZyG4ZKOhQ65"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG PCH DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of PCH. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zvR1tv0Rtah5"></div> This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zkSGbWTKY0rc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zPKPMW0MPV0b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td id="xdx_49A_20260116__20260116__oef--ClassAxis__custom--C000269870Member_zFL27dAFvrI8" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dp_zcbhSfVsTNf5" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 79%; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 21%; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp_zfq1Bnr7dYS4" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dp_zwgMg1rVaDcl" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dp_zKZibUCJZo9g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zODotWfcIQr"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zUCVEV55aAy9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_484_eoef--ExpenseExampleYear01_zNFJ3179cJm3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zvPMenMMKqLf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_416_20260116__20260116__oef--ClassAxis__custom--C000269870Member_zhe9TGbfzxX9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">T-REX 2X Long PCH Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of PCH on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on PCH or by investing directly in the common stock of PCH. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in PCH common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of PCH is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in PCH that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (PCH) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain PCH exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which PCH is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which PCH is assigned). As of the date of this prospectus, PCH is assigned to the real estate sector and the REIT industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PCH. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PCH is consistent with the Fund’s investment objective. The impact of PCH’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PCH 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 PCH has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. PotlatchDeltic Corporation is a leading Real Estate Investment Trust (REIT) with ownership of 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. PCH is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PotlatchDeltic Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-32729 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PotlatchDeltic Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding PotlatchDeltic Corporation from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding PotlatchDeltic Corporation is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PCH have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning PotlatchDeltic Corporation could affect the value of the Fund’s investments with respect to PCH and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of PCH on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zJKWUTcKPp96" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of PCH’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PCH during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how PCH 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) PCH volatility; b) PCH 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 PCH. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of PCH volatility and PCH performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to PCH; (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 PCH. During periods of higher PCH volatility, the volatility of PCH may affect the Fund’s return as much as, or more than, the return of PCH. 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 PCH during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if PCH provided no return over a one-year period during which PCH 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 PCH’s return is flat. For instance, if PCH’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of PCH 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 PCH. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; background-color: white; margin-left: 2%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">200% One Year </td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 17%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td></tr> </table> PCH’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 27.85%. PCH’s annualized daily volatility rates were as follows: 2022 31.34% 2023 24.21% 2024 24.65% 2025 28.53% PCH’s annualized performance for the five-year period ended December 31, 2025 was -4.48%. Historical volatility and performance are not indications of what PCH volatility and performance will be in the future. The trading price of PCH’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of PCH’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently PCH’s 52-week high stock price was $48.12 on March 3, 2025, and its 52-week low stock price was $36.82 on April 9, 2025. PCH’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of PCH 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 PCH, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if PCH 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 PCH does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with PCH and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of PCH, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to PCH that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of PCH at the market close on the first trading day and the value of PCH at the time of purchase. If PCH gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if PCH declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of PCH. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to PCH and therefore achieve its daily leveraged investment objective. The Fund’s exposure to PCH is impacted by PCH’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PCH at the end of each day. The possibility of the Fund being materially over- or under-exposed to PCH increases on days when PCH is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PCH. 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 PCH. 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 PCH. 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 PCH. Any of these factors could decrease the correlation between the performance of the Fund and PCH and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. PotlatchDeltic Corporation is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance ofPotlatchDeltic Corporation and make no representation as to the performance of PCH. Investing in the Fund is not equivalent to investing in PCH. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to PCH. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. PCH Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, PCH faces risks unique to its operations including, among others, fluctuations in lumber, plywood, and wood products prices; changes in demand for residential construction and repair and remodeling activity; timber harvest levels and biological growth rates; weather events, natural disasters, pests, and wildfires affecting timberlands; and operational risks associated with mill operations, including equipment downtime and labor availability.. The trading price of PCH common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of PCH’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. PCH is a highly dynamic company, and its operations, including its products and services, may change. Real Estate Sector Risk. The real estate sector contains companies operating in real estate development and operation, as well as companies related to the real estate sector, including REITs. Investments in securities of these companies are subject to risks such as: fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws. The real estate sector is particularly sensitive to economic downturns and changes to interest rates. Industry Concentration Risk. The Fund will be concentrated in the industry to which PotlatchDeltic Corporation is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which PotlatchDeltic Corporation is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, PCH is assigned to the REIT industry. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitIndustryRiskMember_zSqi2RVs2I6f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">REIT Industry Risk. Real estate investment trusts (REITs) can be significantly affected by changes in property values, interest rates, economic conditions, tenant defaults, and the availability of financing. The market for real estate investments is characterized by cyclical fluctuations influenced by supply and demand for commercial and residential properties, regional economic performance, and prevailing credit conditions. The success of REITs depends in substantial part on their ability to acquire, develop, manage, and dispose of properties profitably, maintain occupancy levels, and access capital on favorable terms. An unexpected decline in real estate values, increase in interest rates, or deterioration in tenant credit quality could have a material adverse effect on a participant’s operating results. Many REITs rely on leverage to finance property acquisitions and development projects, which may amplify losses during downturns. There can be no assurance that favorable financing will remain available or that property income will be sufficient to meet debt obligations or maintain required distributions to shareholders.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationCompanyRiskMember_zBm9hmWWl2jc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with PCH. 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 PCH value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the PCH. Under such circumstances, the market for PCH 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 PCH and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for PCH 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 PCH and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with PCH and may incur substantial losses. If there is a significant intra-day market event and/or PCH experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of PCH does not provide leveraged exposure to PCH and, as a result, if the Fund invests directly in common stock of PCH to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zJIR8B1UENK8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zXLjEw1a2jkg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zmpGKu0ZiJzc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zTdcuK66r1ql"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z1LBZ9daKanb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG PGY DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of PGY. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zZMj4hjZIWV2"></div> This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zdA8fLV6pPMh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zYdYXD6KLPKi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td id="xdx_49E_20260116__20260116__oef--ClassAxis__custom--C000269855Member_zWuWiY1hKiPg" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zBu0dZwYC916" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zHZ4IDz1Og7h" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dp_zVY8OCIQWs3b" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dp_zCgbnXfLCN21" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYPwxGe8wCO6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zMg34d8ARX0b" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_486_eoef--ExpenseExampleYear01_z9OiYC5Ne96e" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_z6AVGwNy7tzk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_41F_20260116__20260116__oef--ClassAxis__custom--C000269855Member_zFXE2OWiuEa8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">T-REX 2X Long PGY Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of PGY on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on PGY or by investing directly in the common stock of PGY. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in PGY common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of PGY is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in PGY that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (PGY) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain PGY exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which PGY is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which PGY is assigned). As of the date of this prospectus, PGY is assigned to the technology sector and the software infrastructure industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PGY. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PGY is consistent with the Fund’s investment objective. The impact of PGY’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PGY 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 PGY has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Pagaya Technologies Ltd. is a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial services and other service providers, their customers, and asset investors in the United States, Israel, and the Cayman Islands. PGY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Pagaya Technologies Ltd. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41430 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Pagaya Technologies Ltd. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Pagaya Technologies Ltd. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Pagaya Technologies Ltd. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PGY have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Pagaya Technologies Ltd. could affect the value of the Fund’s investments with respect to PGY and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of PGY on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zbt5hWBpivSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of PGY’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PGY during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how PGY 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) PGY volatility; b) PGY 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 PGY. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of PGY volatility and PGY performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to PGY; (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 PGY. During periods of higher PGY volatility, the volatility of PGY may affect the Fund’s return as much as, or more than, the return of PGY. 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 PGY during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if PGY provided no return over a one-year period during which PGY 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 PGY’s return is flat. For instance, if PGY’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of PGY 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 PGY. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; background-color: white; margin-left: 2%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">200% One Year </td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 17%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td></tr> </table> PGY’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 134.17%. PGY’s annualized daily volatility rates were as follows: 2022 235.59% 2023 99.60% 2024 95.02% 2025 87.93% PGY’s annualized performance for the five-year period ended December 31, 2025 was -31.06%. Historical volatility and performance are not indications of what PGY volatility and performance will be in the future. The trading price of PGY’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of PGY’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently PGY’s 52-week high stock price was $44.99 on September 18, 2025, and its 52-week low stock price was $8.27 on January 13, 2025. PGY’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of PGY 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 PGY, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if PGY 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 PGY does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with PGY and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of PGY, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to PGY that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of PGY at the market close on the first trading day and the value of PGY at the time of purchase. If PGY gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if PGY declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of PGY. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to PGY and therefore achieve its daily leveraged investment objective. The Fund’s exposure to PGY is impacted by PGY’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PGY at the end of each day. The possibility of the Fund being materially over- or under-exposed to PGY increases on days when PGY is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PGY. 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 PGY. 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 PGY. 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 PGY. Any of these factors could decrease the correlation between the performance of the Fund and PGY and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Pagaya Technologies Ltd. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Pagaya Technologies Ltd. and make no representation as to the performance of PGY. Investing in the Fund is not equivalent to investing in PGY. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to PGY. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. PGY Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, PGY faces risks unique to its operations including, among others, credit performance and borrower default rates; dependence on continued access to funding sources and capital markets to support loan originations; changes in interest rates, inflation, and macroeconomic conditions, which may affect loan demand, credit quality, and investor appetite; and reliance on proprietary algorithms and data models, which may underperform or require ongoing refinement. The trading price of PGY common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of PGY’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. PGY is a highly dynamic company, and its operations, including its products and services, may change. Technology Sector Risk. The market prices of technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities may be affected by intense competition, obsolescence of existing technology, general economic conditions and government regulation and may have limited product lines, markets, financial resources, or personnel. Technology companies may experience dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies are also heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely impact a company’s profitability. A small number of companies represent a large portion of the technology industry. In addition, a rising interest rate environment tends to negatively affect technology companies, those technology companies seeking to finance expansion would have increased borrowing costs, which may negatively impact earnings. Technology companies having high market valuations may appear less attractive to investors, which may cause sharp decreases in their market prices. Industry Concentration Risk. The Fund will be concentrated in the industry to which Pagaya Technologies Ltd. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Pagaya Technologies Ltd. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, PGY is assigned to the software infrastructure industry. <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ComputerSoftwareIndustryRiskMember_zLOVEDHiDSva"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Computer Software Industry Risk. Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by computer software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationCompanyRiskMember_zzvyf7Ftoy36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Small-Capitalization Company Risk. Small-capitalization companies generally have more limited financial and managerial resources, less diversified business operations, and smaller market shares than larger companies. As a result, they may be more vulnerable to adverse business or economic developments, and their securities may be subject to greater price fluctuations and lower trading volumes. Small-cap companies may also be less able to obtain financing on favorable terms or to withstand competitive and economic pressures, which could negatively impact their performance and returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with PGY. 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 PGY value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the PGY. Under such circumstances, the market for PGY 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 PGY and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for PGY 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 PGY and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with PGY and may incur substantial losses. If there is a significant intra-day market event and/or PGY experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of PGY does not provide leveraged exposure to PGY and, as a result, if the Fund invests directly in common stock of PGY to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zKhYNhdoJZF5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zb3WsayqMWR7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zejoU1lCtcH5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zZvXSEemTFSb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zPpF8S7aX4Pi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG PL DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of PL. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zkvSygmgzfsd"></div> This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zaN6sVMtJ1j9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z53Ii6GfuFQ5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td id="xdx_499_20260116__20260116__oef--ClassAxis__custom--C000269856Member_zWHEO9j3GTMh" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zuyiKOIVfQGh" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 79%; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 21%; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dp_zViAmLvfTRkg" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dp_zmkewI0GlfD8" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dp_zuqRYDsBSoR7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z55GMfv7uTEf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z0dtKvIKmrkc" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_488_eoef--ExpenseExampleYear01_zmZYJaNlNHc7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zs83vXjVYlb1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_418_20260116__20260116__oef--ClassAxis__custom--C000269856Member_zX9VjxwSQpp7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">T-REX 2X Long PL Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of PL on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on PL or by investing directly in the common stock of PL. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in PL common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of PL is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in PL that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. Flexible Exchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (PL) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain PL exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which PL is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which PL is assigned). As of the date of this prospectus, PL is assigned to the industrials sector and the aerospace and defense industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of PL. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to PL is consistent with the Fund’s investment objective. The impact of PL’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of PL 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 PL has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Planet Labs PBC a engages in the design, construction, and launch constellations of satellites with the intent of providing high cadence geospatial data delivered to customers through an online platform the United States and internationally. PL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Planet Labs PBC pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-40166 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Planet Labs PBC may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Planet Labs PBC 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 Planet Labs PBC 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 PL have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Planet Labs PBC could affect the value of the Fund’s investments with respect to PL and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of PL on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zfawSlJrhGCj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of PL’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of PL during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how PL 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) PL volatility; b) PL 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 PL. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of PL volatility and PL performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to PL; (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 PL. During periods of higher PL volatility, the volatility of PL may affect the Fund’s return as much as, or more than, the return of PL. 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 PL during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if PL provided no return over a one-year period during which PL 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 PL’s return is flat. For instance, if PL’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of PL 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 PL. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; background-color: white; margin-left: 2%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">200% One Year </td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 17%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td></tr> </table> PL’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 77.07%. PL’s annualized daily volatility rates were as follows: 2022 77.12% 2023 60.23% 2024 72.64% 2025 105.84% PL’s annualized performance for the five-year period ended December 31, 2025 was 15.85%. Historical volatility and performance are not indications of what PL volatility and performance will be in the future. The trading price of PL’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of PL’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently PL’s 52-week high stock price was $23.78 on January 9, 2026, and its 52-week low stock price was $2.79 on April 7, 2025. PL’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of PL 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 PL, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if PL 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 PL does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with PL and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of PL, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to PL that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of PL at the market close on the first trading day and the value of PL at the time of purchase. If PL gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if PL declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of PL. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to PL and therefore achieve its daily leveraged investment objective. The Fund’s exposure to PL is impacted by PL’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to PL at the end of each day. The possibility of the Fund being materially over- or under-exposed to PL increases on days when PL is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) PL. 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 PL. 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 PL. 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 PL. Any of these factors could decrease the correlation between the performance of the Fund and PL and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Planet Labs PBC 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 Planet Labs PBC and make no representation as to the performance of PL. Investing in the Fund is not equivalent to investing in PL. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to PL. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. PL Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, PL faces risks unique to its operations including, among others, design, launch, operation, and replacement of satellites; launch failures, satellite malfunctions, or data transmission disruptions; dependence on third-party launch providers and ground infrastructure; and the need for ongoing capital investment to maintain and expand its satellite constellation. The trading price of PL common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of PL’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. PL is a highly dynamic company, and its operations, including its products and services, may change. Industrials Sector Risk. The Fund’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs. Industry Concentration Risk. The Fund will be concentrated in the industry to which Planet Labs PBC is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Planet Labs PBC is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, PL is assigned to the aerospace and defense industry. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AerospaceAndDefenseIndustryRiskMember_zWfcyPSxsKic"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Aerospace and Defense Industry Risk. The aerospace and defense industry may be significantly affected by changes in government regulations and spending policies, changes in economic conditions and industry consolidation.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationCompanyRiskMember_zq5wU8AxERqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with PL. 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 PL value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the PL. Under such circumstances, the market for PL 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 PL and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for PL 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 PL and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with PL and may incur substantial losses. If there is a significant intra-day market event and/or PL experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of PL does not provide leveraged exposure to PL and, as a result, if the Fund invests directly in common stock of PL to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zopsdam1cqsi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zSxuKP5Ry3Be"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zLnpbEEUNKwg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zXlWctP623Xb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zcGEoaqR0ek3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG TBH DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of TBH. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund <div id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zSuleFjaJ6yh"></div> This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z9cCzJTU9DDc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zyAwK9BtTaY1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td id="xdx_490_20260116__20260116__oef--ClassAxis__custom--C000269857Member_zsIPPsgYWId5" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_z61KBykwFtl" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 79%; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 21%; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dp_zHnvk1nbpGt3" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dp_zC8wRux18fCf" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zwVu4CiEb7sj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOuNk8a3qBNj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zc3gJy1lIi9l" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zMkgcpBVzlc6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 10%; text-align: center">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zGsXtQmASqRf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_41C_20260116__20260116__oef--ClassAxis__custom--C000269857Member_zXlVKK4Yl1A9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify">T-REX 2X Long TBH Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of TBH on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on TBH or by investing directly in the common stock of TBH. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in TBH common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of TBH is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in TBH that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. fLexible eXchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (TBH) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain TBH exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which TBH is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which TBH is assigned). As of the date of this prospectus, TBH is assigned to the communication services sector and the electronic gaming and multimedia industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TBH. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TBH is consistent with the Fund’s investment objective. The impact of TBH’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TBH 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 TBH has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Brag House Holdings, Inc. operates an integrated platform designed for casual college gamers. TBH is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Brag House Holdings, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-42525 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Brag House Holdings, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Brag House Holdings, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Brag House Holdings, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TBH have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Brag House Holdings, Inc. could affect the value of the Fund’s investments with respect to TBH and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of TBH on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zrePj7py80o1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of TBH’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TBH during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how TBH 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) TBH volatility; b) TBH 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 TBH. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of TBH volatility and TBH performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to TBH; (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 TBH. During periods of higher TBH volatility, the volatility of TBH may affect the Fund’s return as much as, or more than, the return of TBH. 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 TBH during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if TBH provided no return over a one-year period during which TBH 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 TBH’s return is flat. For instance, if TBH’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of TBH 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 TBH. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; background-color: white; margin-left: 2%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">One Year </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">200% One Year </td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 17%; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 14%; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 13%; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; text-align: center">-5.8%</td></tr> </table> TBH’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 189.76%. TBH’s annualized daily volatility rates were as follows: 2025 189.76% Volatility for a shorter period of time may have been substantially higher. TBH’s annualized performance for the five-year period ended December 31, 2025 was -93.87%. Historical volatility and performance are not indications of what TBH volatility and performance will be in the future. The trading price of TBH’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of TBH’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently TBH’s 52-week high stock price was $6.96 on March 31, 2025, and its 52-week low stock price was $0.36 on December 31, 2025. TBH’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of TBH 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 TBH, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if TBH 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 TBH does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with TBH and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of TBH, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to TBH that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of TBH at the market close on the first trading day and the value of TBH at the time of purchase. If TBH gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if TBH declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of TBH. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to TBH and therefore achieve its daily leveraged investment objective. The Fund’s exposure to TBH is impacted by TBH’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TBH at the end of each day. The possibility of the Fund being materially over- or under-exposed to TBH increases on days when TBH is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TBH. 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 TBH. 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 TBH. 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 TBH. Any of these factors could decrease the correlation between the performance of the Fund and TBH and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Brag House Holdings, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Brag House Holdings, Inc. and make no representation as to the performance of TBH. Investing in the Fund is not equivalent to investing in TBH. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to TBH. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. TBH Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, TBH faces risks unique to its operations including, among others, user acquisition, engagement, and retention; monetization of its platform and content offerings; competition from larger and better-capitalized gaming, social media, and digital entertainment companies; dependence on third-party platforms, game publishers, and technology providers; and intellectual property and content licensing risks. The trading price of TBH common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of TBH’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. TBH is a highly dynamic company, and its operations, including its products and services, may change. Communication Services Sector Risk. The performance of companies in the communication services sector may be affected by (without limitation) the following factors: industry competition, increasing governmental regulation, the ability to keep pace with technological advancement and scrutiny by public bodies. Technological innovations may reduce the utility of products and services of companies in the communication services sector and render them less competitive or obsolete over time. These companies may need to commit substantial capital investment to deal with increasing competition and to keep pace with technological enhancement in order to remain competitive. Industry Concentration Risk. The Fund will be concentrated in the industry to which Brag House Holdings, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Brag House Holdings, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, TBH is assigned to the electronic gaming and multimedia industry. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ElectronicGamingAndMultimediaIndustryRiskMember_z2ClCH0JAlW2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Electronic Gaming and Multimedia Industry Risk. Electronic gaming and multimedia companies can be significantly affected by shifts in consumer preferences, rapid technological change, competitive pressures, intellectual property challenges, and dependence on successful content releases. The market for products and services produced by electronic gaming and multimedia companies is characterized by rapidly evolving technology, frequent product introductions, short product life cycles, and sensitivity to changes in entertainment and media consumption trends. The success of electronic gaming and multimedia companies depends in substantial part on their ability to develop and market engaging content, adapt to new platforms and distribution models, and manage production and development costs. An unexpected failure of a major game or media release, delays in product development, or unfavorable reviews could have a material adverse effect on a participant’s operating results. Many electronic gaming and multimedia companies rely on intellectual property protections, licensing agreements, and digital distribution networks to sustain profitability. There can be no assurance that such protections or agreements will be adequate to prevent unauthorized use or that competitors will not introduce content or technologies that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicrocapitalizationCompanyRiskMember_z0PRUyg4MV0i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Micro-Capitalization Company Risk. Micro-capitalization companies generally have extremely limited financial, managerial, and operational resources, narrow product lines or services, and limited operating histories. These companies may be highly dependent on a small number of products, customers, or key personnel and may have limited access to capital markets or financing on favorable terms. As a result, micro-cap companies may be particularly vulnerable to adverse business, economic, or market developments, and their securities may experience substantial price volatility, low trading volumes, and reduced liquidity. These factors may make it difficult to buy or sell shares at desired prices and may increase the risk of significant losses. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with TBH. 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 TBH value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the TBH. Under such circumstances, the market for TBH 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 TBH and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for TBH 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 TBH and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with TBH and may incur substantial losses. If there is a significant intra-day market event and/or TBH experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of TBH does not provide leveraged exposure to TBH and, as a result, if the Fund invests directly in common stock of TBH to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zyxGOxv7bTd3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px">●</td><td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z9SnFVfjTGxh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zFFAwnV9X54j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z7qMEAIBxm57"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zTTLnHL90x6i"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px; text-align: justify"></td><td style="width: 20px; text-align: justify">●</td><td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top"><td style="width: 20px"></td><td style="width: 20px"></td><td> </td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG TMQ DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of TMQ. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" cellspacing="0" id="xdx_A51_z3imVkpYhGFi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td id="xdx_495_20260116__20260116__oef--ClassAxis__custom--C000269858Member_zyAovfC1SJu6" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zGlT7RVXsf0i" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 81%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_z1AG3KkJmCw2" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zj6vh0hZdaR9" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zcMxelD4so36" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0pt; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 18pt; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_z9IfhqGBMWpe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zC8DYJpuTkd8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_488_eoef--ExpenseExampleYear01_z8dsdst5izAi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 10%; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zjvGOsneshX5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_41F_20260116__20260116__oef--ClassAxis__custom--C000269858Member_zpRHEFe10ZDl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify">T-REX 2X Long TMQ Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of TMQ on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on TMQ or by investing directly in the common stock of TMQ. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in TMQ common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of TMQ is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in TMQ that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. fLexible eXchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (TMQ) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain TMQ exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which TMQ is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which TMQ is assigned). As of the date of this prospectus, TMQ is assigned to the basic materials sector and the other industrial metals and mining industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of TMQ. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to TMQ is consistent with the Fund’s investment objective. The impact of TMQ’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of TMQ 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 TMQ has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Trilogy Metals Inc. engages in the exploration and development of mineral properties in the United States. TMQ is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Trilogy Metals Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-35447 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Trilogy Metals Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Trilogy Metals Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Trilogy Metals Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TMQ have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Trilogy Metals Inc. could affect the value of the Fund’s investments with respect to TMQ and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of TMQ on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zrsftu4ua4z" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of TMQ’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of TMQ during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how TMQ 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) TMQ volatility; b) TMQ 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 TMQ. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of TMQ volatility and TMQ performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to TMQ; (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 TMQ. During periods of higher TMQ volatility, the volatility of TMQ may affect the Fund’s return as much as, or more than, the return of TMQ. 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 TMQ during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if TMQ provided no return over a one-year period during which TMQ 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 TMQ’s return is flat. For instance, if TMQ’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of TMQ 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 TMQ. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; background-color: white; margin-left: 0.15in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year</td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td></tr> </table> TMQ’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 126.88%. TMQ’s annualized daily volatility rates were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">2022</td><td style="text-align: justify">69.26%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2023</td><td style="text-align: justify">48.53%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2024</td><td style="text-align: justify">117.07%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2025</td><td style="text-align: justify">237.98%</td> </tr></table> TMQ’s annualized performance for the five-year period ended December 31, 2025 was 16.59%. Historical volatility and performance are not indications of what TMQ volatility and performance will be in the future. The trading price of TMQ’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of TMQ’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently TMQ’s 52-week high stock price was $11.29 on October 14, 2025, and its 52-week low stock price was $1.06 on January 13, 2025. TMQ’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of TMQ 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 TMQ, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if TMQ 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 TMQ does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with TMQ and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of TMQ, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to TMQ that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of TMQ at the market close on the first trading day and the value of TMQ at the time of purchase. If TMQ gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if TMQ declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of TMQ. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to TMQ and therefore achieve its daily leveraged investment objective. The Fund’s exposure to TMQ is impacted by TMQ’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to TMQ at the end of each day. The possibility of the Fund being materially over- or under-exposed to TMQ increases on days when TMQ is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) TMQ. 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 TMQ. 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 TMQ. 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 TMQ. Any of these factors could decrease the correlation between the performance of the Fund and TMQ and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Trilogy Metals Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Trilogy Metals Inc. and make no representation as to the performance of TMQ. Investing in the Fund is not equivalent to investing in TMQ. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to TMQ. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. TMQ Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, TMQ faces risks unique to its operations including, among others, exploration and development activities, uncertainty regarding the size, grade, and economic viability of mineral resources and reserves, and the ability to obtain necessary permits, approvals, and social license to operate, particularly in environmentally sensitive or remote regions. The trading price of TMQ common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of TMQ’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. TMQ is a highly dynamic company, and its operations, including its products and services, may change. Materials Sector Risk. The materials sector includes companies from the following industries: chemicals; metals & mining; paper & forest products; containers & packaging; and construction materials. Many companies in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liability for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations. Industry Concentration Risk. The Fund will be concentrated in the industry to which Trilogy Metals Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Trilogy Metals Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, TMQ is assigned to the other industrial metals and mining industry. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherIndustrialMetalsAndMiningIndustryRiskMember_zyKdLEDOutV"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Industrial Metals and Mining Industry Risk. Industrial metals and mining companies can be significantly affected by fluctuations in global commodity prices, changes in industrial demand, geopolitical developments, environmental regulations, and operational risks inherent in mining activities. The market for products produced by industrial metals and mining companies is characterized by cyclical demand tied to construction, manufacturing, and infrastructure investment, as well as sensitivity to global economic growth and trade policies. The success of industrial metals and mining companies depends in substantial part on their ability to maintain efficient extraction and processing operations, manage production costs, secure access to high-quality mineral reserves, and comply with environmental and safety standards. An unexpected decline in demand from key end-use industries, increase in regulatory or energy costs, or disruption due to labor disputes, equipment failures, or natural events could have a material adverse effect on a participant’s operating results. Many industrial metals and mining companies rely on long-term contracts, stable government relations, and favorable logistics infrastructure to sustain operations. There can be no assurance that such conditions will continue or that competitors will not access comparable reserves or produce metals that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Small-Capitalization Company Risk. Small-capitalization companies generally have more limited financial and managerial resources, less diversified business operations, and smaller market shares than larger companies. As a result, they may be more vulnerable to adverse business or economic developments, and their securities may be subject to greater price fluctuations and lower trading volumes. Small-cap companies may also be less able to obtain financing on favorable terms or to withstand competitive and economic pressures, which could negatively impact their performance and returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with TMQ. 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 TMQ value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in TMQ. Under such circumstances, the market for TMQ may lack sufficient liquidity for all market participant’’ 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 TMQ and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for TMQ and/or Fund may lack sufficient liquidity for all market participant’’ 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 TMQ and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with TMQ and may incur substantial losses. If there is a significant intra-day market event and/or TMQ experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of TMQ does not provide leveraged exposure to TMQ and, as a result, if the Fund invests directly in common stock of TMQ to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zltcZg0a5zLi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_ziqRvlK6aZw5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zyK4A7wD2gf4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zgtSEpL7dxje"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z9vLP5aYoK53"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG UEC DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of UEC. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" cellspacing="0" id="xdx_A58_zJQnEwayt5ma" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td id="xdx_498_20260116__20260116__oef--ClassAxis__custom--C000269859Member_zQ4vzI8feGRc" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dp_z7cnBh3bJDv8" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zsOCbDa6JhIe" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dp_zi8K3egXJD5h" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zjguPjadfIEh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0.25in; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZ353OGr3GF5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_ztmNInjNH631" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_485_eoef--ExpenseExampleYear01_zoHExTu45yVh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 10%; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z6abWGs6ToG4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_414_20260116__20260116__oef--ClassAxis__custom--C000269859Member_zSTHpPYiifyf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify">T-REX 2X Long UEC Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of UEC on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on UEC or by investing directly in the common stock of UEC. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in UEC common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of UEC is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in UEC that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. fLexible eXchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (UEC) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain UEC exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which UEC is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which UEC is assigned). As of the date of this prospectus, UEC is assigned to the energy sector and the uranium industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UEC. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UEC is consistent with the Fund’s investment objective. The impact of UEC’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UEC 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 UEC has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Uranium Energy Corp. together with its subsidiaries, engages in exploration, pre-extraction, extraction, and processing of uranium and titanium concentrates properties in the United States, Canada, and the Republic of Paraguay. UEC is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Uranium Energy Corp. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-33706 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Uranium Energy Corp. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Uranium Energy Corp. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Uranium Energy Corp. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UEC have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Uranium Energy Corp. could affect the value of the Fund’s investments with respect to UEC and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of UEC on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zSOaP56rFIBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of UEC’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UEC during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how UEC 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) UEC volatility; b) UEC 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 UEC. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of UEC volatility and UEC performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to UEC; (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 UEC. During periods of higher UEC volatility, the volatility of UEC may affect the Fund’s return as much as, or more than, the return of UEC. 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 UEC during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if UEC provided no return over a one-year period during which UEC 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 UEC’s return is flat. For instance, if UEC’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of UEC 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 UEC. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; background-color: white; margin-left: 0.15in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year</td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td></tr> </table> UEC’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 75.87%. UEC’s annualized daily volatility rates were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">2022</td><td style="text-align: justify">94.24%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2023</td><td style="text-align: justify">51.98%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2024</td><td style="text-align: justify">61.03%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2025</td><td style="text-align: justify">73.39%</td> </tr></table> UEC’s annualized performance for the five-year period ended December 31, 2025 was 45.98%. Historical volatility and performance are not indications of what UEC volatility and performance will be in the future. The trading price of UEC’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of UEC’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently UEC’s 52-week high stock price was $17.80 on October 16, 2025, and its 52-week low stock price was $3.85 on April 7, 2025. UEC’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of UEC 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 UEC, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if UEC 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 UEC does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with UEC and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of UEC, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to UEC that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of UEC at the market close on the first trading day and the value of UEC at the time of purchase. If UEC gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if UEC declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of UEC. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to UEC and therefore achieve its daily leveraged investment objective. The Fund’s exposure to UEC is impacted by UEC’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UEC at the end of each day. The possibility of the Fund being materially over- or under-exposed to UEC increases on days when UEC is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UEC. 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 UEC. 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 UEC. 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 UEC. Any of these factors could decrease the correlation between the performance of the Fund and UEC and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Uranium Energy Corp. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Uranium Energy Corp. and make no representation as to the performance of UEC. Investing in the Fund is not equivalent to investing in UEC. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to UEC. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. UEC Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, UEC faces risks unique to its operations including, among others, uranium price volatility; timing of production decisions and restart activities; permitting, environmental compliance, and regulatory approval risks, including those associated with in-situ recovery operations; operational and geological risks; and dependence on government policy and nuclear energy demand trends. The trading price of UEC common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of UEC’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. UEC is a highly dynamic company, and its operations, including its products and services, may change. Energy Sector Risk. The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the energy sector. Companies operating in the energy sector are subject to risks including, but not limited to, economic growth, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing the specific utility services and other factors that they cannot control. Industry Concentration Risk. The Fund will be concentrated in the industry to which Uranium Energy Corp. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Uranium Energy Corp. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, UEC is assigned to the uranium industry. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UraniumIndustryRiskMember_zhwsI8As83D9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Uranium Industry Risk. Uranium companies can be significantly affected by fluctuations in commodity prices, changes in global energy policies, geopolitical developments, environmental and safety regulations, and public perception of nuclear energy. The market for products produced by uranium companies is characterized by cyclical demand driven by nuclear power generation trends, long development timelines, and sensitivity to governmental policies regarding energy production and nuclear waste management. The success of uranium companies depends in substantial part on their ability to maintain efficient mining operations, secure long-term supply contracts, obtain necessary licenses and permits, and comply with strict environmental and radiation safety standards. An unexpected decline in uranium prices, delays in mine development, regulatory changes, or accidents at nuclear facilities could have a material adverse effect on a participant’s operating results. Many uranium companies rely on favorable government policies, access to high-grade deposits, and stable geopolitical conditions to sustain operations. There can be no assurance that such conditions will continue or that competitors or state-owned entities will not access reserves or technologies that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with UEC. 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 UEC value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the UEC. Under such circumstances, the market for UEC 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 UEC and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for UEC and/or Fund may lack sufficient liquidity for all market participant’’ 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 UEC and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with UEC and may incur substantial losses. If there is a significant intra-day market event and/or UEC experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of UEC does not provide leveraged exposure to UEC and, as a result, if the Fund invests directly in common stock of UEC to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_z56ls2R4w8S9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zhVbh4IUeTNk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z4drNBANkd0a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zAfGaKg81Xs9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zyscl6NW5LAh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG USAR DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of USAR. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" cellspacing="0" id="xdx_A57_z5KqqE6IhyC6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td id="xdx_49C_20260116__20260116__oef--ClassAxis__custom--C000269860Member_zkVoT3HJYHp4" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp_zWRbuF8md2c4" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dp_zeZOmthrIpSj" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dp_zfjs4sSw76nk" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dp_zSItszraKa5c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0pt; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 18pt; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 3pt">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zT2s0I0bStc8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zaOFulEdR8Zi" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_489_eoef--ExpenseExampleYear01_zl3t8R8Tqgcc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 10%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zOBolZxDtkLe" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_41D_20260116__20260116__oef--ClassAxis__custom--C000269860Member_zIBNnZsoqLsa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify">T-REX 2X Long USAR Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of USAR on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on USAR or by investing directly in the common stock of USAR. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in USAR common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of USAR is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in USAR that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. fLexible eXchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (USAR) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain USAR exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which USAR is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which USAR is assigned). As of the date of this prospectus, USAR is assigned to the basic materials sector and the other industrial metals and mining industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of USAR. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to USAR is consistent with the Fund’s investment objective. The impact of USAR’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of USAR 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 USAR has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. USA Rare Earth, Inc. engages in mining, processing, and supplying rare earths and other critical minerals in the United States. USAR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by USA Rare Earth, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-41711 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding USA Rare Earth, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding USA Rare Earth, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding USA Rare Earth, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of USAR have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning USA Rare Earth, Inc. could affect the value of the Fund’s investments with respect to USAR and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of USAR on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zusdZl56mY47" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of USAR’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of USAR during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how USAR 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) USAR volatility; b) USAR 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 USAR. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of USAR volatility and USAR performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to USAR; (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 USAR. During periods of higher USAR volatility, the volatility of USAR may affect the Fund’s return as much as, or more than, the return of USAR. 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 USAR during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if USAR provided no return over a one-year period during which USAR 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 USAR’s return is flat. For instance, if USAR’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of USAR 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 USAR. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; background-color: white; margin-left: 0.15in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year</td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td></tr> </table> USAR’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 105.25%. USAR’s annualized daily volatility rates were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">2023</td><td style="text-align: justify">1.81%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2024</td><td style="text-align: justify">27.81%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2025</td><td style="text-align: justify">159.25%</td> </tr></table> Volatility for a shorter period of time may have been substantially higher. USAR’s annualized performance for the five-year period ended December 31, 2025 was 7.02%. Historical volatility and performance are not indications of what USAR volatility and performance will be in the future. The trading price of USAR’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of USAR’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently USAR’s 52-week high stock price was $43.98 on October 13, 2025, and its 52-week low stock price was $5.56 on March 27, 2025. USAR’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of USAR 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 USAR, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if USAR 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 USAR does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with USAR and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of USAR, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to USAR that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of USAR at the market close on the first trading day and the value of USAR at the time of purchase. If USAR gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if USAR declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of USAR. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to USAR and therefore achieve its daily leveraged investment objective. The Fund’s exposure to USAR is impacted by USAR’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to USAR at the end of each day. The possibility of the Fund being materially over- or under-exposed to USAR increases on days when USAR is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) USAR. 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 USAR. 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 USAR. 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 USAR. Any of these factors could decrease the correlation between the performance of the Fund and USAR and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. USA Rare Earth, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of USA Rare Earth, Inc. and make no representation as to the performance of USAR. Investing in the Fund is not equivalent to investing in USAR. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to USAR. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. USAR Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, USAR faces risks unique to its operations including, among others, the exploration, development, and economic viability of its rare earth mineral resources; the successful construction and commissioning of processing and manufacturing facilities; technological and scale-up risks associated with rare earth separation and magnet production; and dependence on securing necessary permits, regulatory approvals, and financing. The trading price of USAR common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of USAR’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. USAR is a highly dynamic company, and its operations, including its products and services, may change. Materials Sector Risk. The materials sector includes companies from the following industries: chemicals; metals & mining; paper & forest products; containers & packaging; and construction materials. Many companies in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liability for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations. Industry Concentration Risk. The Fund will be concentrated in the industry to which USA Rare Earth, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which USA Rare Earth, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, USAR is assigned to the other industrial metals and mining industry. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherIndustrialMetalsAndMiningIndustryRiskMember_zK66STXdUZJ4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Industrial Metals and Mining Industry Risk. Industrial metals and mining companies can be significantly affected by fluctuations in global commodity prices, changes in industrial demand, geopolitical developments, environmental regulations, and operational risks inherent in mining activities. The market for products produced by industrial metals and mining companies is characterized by cyclical demand tied to construction, manufacturing, and infrastructure investment, as well as sensitivity to global economic growth and trade policies. The success of industrial metals and mining companies depends in substantial part on their ability to maintain efficient extraction and processing operations, manage production costs, secure access to high-quality mineral reserves, and comply with environmental and safety standards. An unexpected decline in demand from key end-use industries, increase in regulatory or energy costs, or disruption due to labor disputes, equipment failures, or natural events could have a material adverse effect on a participant’s operating results. Many industrial metals and mining companies rely on long-term contracts, stable government relations, and favorable logistics infrastructure to sustain operations. There can be no assurance that such conditions will continue or that competitors will not access comparable reserves or produce metals that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Small-Capitalization Company Risk. Small-capitalization companies generally have more limited financial and managerial resources, less diversified business operations, and smaller market shares than larger companies. As a result, they may be more vulnerable to adverse business or economic developments, and their securities may be subject to greater price fluctuations and lower trading volumes. Small-cap companies may also be less able to obtain financing on favorable terms or to withstand competitive and economic pressures, which could negatively impact their performance and returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with USAR. 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 USAR value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the USAR. Under such circumstances, the market for USAR may lack sufficient liquidity for all market participant’’ 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 USAR and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for USAR and/or Fund may lack sufficient liquidity for all market participant’’ 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 USAR and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with USAR and may incur substantial losses. If there is a significant intra-day market event and/or USAR experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of USAR does not provide leveraged exposure to USAR and, as a result, if the Fund invests directly in common stock of USAR to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zIZxZIYoUdWi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z39H1xuvDbD6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zLv7qv7wq1i6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z3iL46WjFlw7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z4UZ2z5sqz4a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG UUU DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of UUU. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" cellspacing="0" id="xdx_A51_z38Nbqb7Kj4j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td id="xdx_49F_20260116__20260116__oef--ClassAxis__custom--C000269861Member_zp1w1FTgx0T" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_z92pvxxWDSxi" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 81%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zBUXyenZQOC2" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dp_zyZ2CGMRCOCf" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zBVrS7pZxLTg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0pt; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 18pt; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhLahetL16C5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zxO12tn8xqb9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_488_eoef--ExpenseExampleYear01_zkdyMzDi8NCc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 10%; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zyTFCzB6lxa5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_414_20260116__20260116__dei--LegalEntityAxis__custom--S000100051Member_zlRYHZL7KBRe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify">T-REX 2X Long UUU Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of UUU on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on UUU or by investing directly in the common stock of UUU. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in UUU common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of UUU is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in UUU that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. fLexible eXchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (UUU) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain UUU exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which UUU is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which UUU is assigned). As of the date of this prospectus, UUU is assigned to the industrials sector and the building products and equipment industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of UUU. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to UUU is consistent with the Fund’s investment objective. The impact of UUU’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of UUU 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 UUU has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. Universal Safety Products, Inc., together with its subsidiary, engages in the marketing and distribution of safety and security products in the United States. UUU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Universal Safety Products, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-31747 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Universal Safety Products, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding Universal Safety Products, Inc. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Universal Safety Products, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UUU have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Universal Safety Products, Inc. could affect the value of the Fund’s investments with respect to UUU and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of UUU on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_z9CWeDaNKhk9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of UUU’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of UUU during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how UUU 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) UUU volatility; b) UUU 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 UUU. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of UUU volatility and UUU performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to UUU; (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 UUU. During periods of higher UUU volatility, the volatility of UUU may affect the Fund’s return as much as, or more than, the return of UUU. 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 UUU during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if UUU provided no return over a one-year period during which UUU 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 UUU’s return is flat. For instance, if UUU’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of UUU 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 UUU. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; background-color: white; margin-left: 0.15in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year</td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td></tr> </table> UUU’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 102.86%. UUU’s annualized daily volatility rates were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">2022</td><td style="text-align: justify">97.23%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2023</td><td style="text-align: justify">101.63%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2024</td><td style="text-align: justify">70.91%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2025</td><td style="text-align: justify">117.72%</td> </tr></table> UUU’s annualized performance for the five-year period ended December 31, 2025 was 0.59%. Historical volatility and performance are not indications of what UUU volatility and performance will be in the future. The trading price of UUU’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of UUU’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently UUU’s 52-week high stock price was $7.28 on January 5, 2026, and its 52-week low stock price was $1.39 on April 9, 2025. UUU’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of UUU 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 UUU, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if UUU 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 UUU does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with UUU and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of UUU, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to UUU that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of UUU at the market close on the first trading day and the value of UUU at the time of purchase. If UUU gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if UUU declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of UUU. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to UUU and therefore achieve its daily leveraged investment objective. The Fund’s exposure to UUU is impacted by UUU’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to UUU at the end of each day. The possibility of the Fund being materially over- or under-exposed to UUU increases on days when UUU is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) UUU. 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 UUU. 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 UUU. 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 UUU. Any of these factors could decrease the correlation between the performance of the Fund and UUU and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. Universal Safety Products, Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of Universal Safety Products, Inc. and make no representation as to the performance of UUU. Investing in the Fund is not equivalent to investing in UUU. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to UUU. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. UUU Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, UUU faces risks unique to its operations including, among others, dependence on third-party manufacturers and overseas suppliers, particularly in Asia; supply-chain disruptions, shipping delays, and increases in manufacturing, labor, or freight costs; competition from larger, better-capitalized consumer safety and home products companies; and pricing pressure from mass-market retailers and distributors. The trading price of UUU common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of UUU’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. UUU is a highly dynamic company, and its operations, including its products and services, may change. Industrials Sector Risk. The Fund’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs. Industry Concentration Risk. The Fund will be concentrated in the industry to which Universal Safety Products, Inc. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which Universal Safety Products, Inc. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, UUU is assigned to the building products and equipment industry. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--BuildingProductsAndEquipmentIndustryRiskMember_zZcY9bCPi574"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Building Products and Equipment Industry Risk. Building products and equipment companies can be significantly affected by fluctuations in construction activity, raw material costs, supply chain disruptions, competitive pressures, and changes in economic and interest rate conditions. The market for products produced by building products and equipment companies is characterized by cyclical demand tied to residential, commercial, and infrastructure development, as well as sensitivity to housing starts, renovation trends, and public spending on construction projects. The success of building products and equipment companies depends in substantial part on their ability to manage input costs, maintain efficient production and distribution networks, innovate new products, and adapt to evolving building codes and environmental standards. An unexpected downturn in construction markets, rise in material or energy costs, or disruption in supply logistics could have a material adverse effect on a participant’s operating results. Many building products and equipment companies rely on relationships with distributors, contractors, and government agencies to sustain sales. There can be no assurance that such relationships will continue or that competitors will not introduce products that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Micro-Capitalization Company Risk. Micro-capitalization companies generally have extremely limited financial, managerial, and operational resources, narrow product lines or services, and limited operating histories. These companies may be highly dependent on a small number of products, customers, or key personnel and may have limited access to capital markets or financing on favorable terms. As a result, micro-cap companies may be particularly vulnerable to adverse business, economic, or market developments, and their securities may experience substantial price volatility, low trading volumes, and reduced liquidity. These factors may make it difficult to buy or sell shares at desired prices and may increase the risk of significant losses. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with UUU. 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 UUU value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the UUU. Under such circumstances, the market for UUU 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 UUU and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for UUU and/or Fund may lack sufficient liquidity for all market participant’’ 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 UUU and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with UUU and may incur substantial losses. If there is a significant intra-day market event and/or UUU experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of UUU does not provide leveraged exposure to UUU and, as a result, if the Fund invests directly in common stock of UUU to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zFjinvOrYpSd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zHw9sVlW7pch"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zs2VqYOqLk97"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z3HAJjFL4MWc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zv1XBRkuRJVa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 FUND SUMMARY – T-REX 2X LONG ZIM DAILY TARGET ETF Investment Objective The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ZIM. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" cellspacing="0" id="xdx_A56_zVkCvtU5yrP4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td id="xdx_494_20260116__20260116__oef--ClassAxis__custom--C000269862Member_zi49HUJTV2Tk" style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp_zf9hyEeZ8XHb" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Management Fee(1)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dp_zoHjb6MHTz68" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Distribution (12b-1) and Services Fees</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dp_z705TnZVOTub" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Other Expenses(2)</td> <td style="font: normal 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">0.00%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zLYmlOOyAut5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Total Annual Fund Operating Expenses(3)</td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0.75pt">1.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 0pt; padding-bottom: 3pt"></td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; width: 18pt; padding-bottom: 3pt">(1)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: justify; padding-bottom: 3pt">Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3pt; text-align: justify">Other Expenses are estimated for the Fund’s initial fiscal year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(3)</td><td style="font: 10pt Times New Roman, Times, Serif; 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. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.</td></tr></table> 0.0150 0.0000 0.0000 0.0150 Other Expenses are estimated for the Fund’s initial fiscal year. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your shares at the end of those periods. The example also assumes that your investment has a five percent (5%) return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpkclDEvDWwd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z0auKMwyB403" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #D9D9D9"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt 1.45pt 1.45pt 10pt; width: 71%; text-align: justify">Name of Fund</td> <td id="xdx_48C_eoef--ExpenseExampleYear01_z9kfRNXEp6j7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 10%; text-align: center">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zhYl1JDVYRG2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding: 1.45pt; width: 19%; text-align: center">3 Years</td></tr> <tr id="xdx_413_20260116__20260116__oef--ClassAxis__custom--C000269862Member_z0ssWTBQL8B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: justify">T-REX 2X Long ZIM Daily Target ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$153</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.45pt; padding-bottom: 1.45pt; text-align: center">$474</td></tr> </table> 153 474 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not have any portfolio turnover information available. Principal Investment Strategies The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of ZIM on a daily basis. The Fund may also seek to achieve its investment objective by purchasing call options on ZIM or by investing directly in the common stock of ZIM. The Adviser will determine the allocation of the Fund’s investments in swap agreements, call options and direct investments in ZIM common stock based upon various factors including, but not limited to, counterparty capacity, financing charges, liquidity, collateral availability, and overall market conditions for a particular instrument. Direct investments in common stock of ZIM is typically less efficient than the use of swap agreements because direct investments in common stock do not provide leveraged returns. This may result in the Fund not achieving its 200% daily investment objective. The Fund will enter into one or more swap agreements with financial institutions whereby the Fund and the financial institution will agree to exchange the return earned on an investment by the Fund in ZIM that is equal, on a daily basis, to 200% of the value of the Fund’s net assets. If the Adviser determines to use call options, the Fund will purchase exchange traded call options, including “FLEX Options.” Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the asset, in case of certain call options) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the asset, in case of certain call options) at a certain defined price. fLexible eXchange® Options (“FLEX Options”) are customized options contracts that trade on an exchange but provide investors with the ability to customize key contract terms like strike price, style and expiration date while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of over-the-counter (OTC) options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the OCC, a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. The FLEX Options are listed on the Chicago Board Options Exchange. The Fund may take delivery of the underlying security (ZIM) if it chooses to exercise a call option and either hold or sell the security in the secondary markets. The Adviser attempts to consistently apply leverage to obtain ZIM exposure for the Fund equal to 200% of the value of its net assets and expects to rebalance the Fund’s holdings daily to maintain such exposure. As a result of its investment strategies, the Fund will be concentrated in the industry to which ZIM is assigned (i.e., hold 25% or more of its total assets in investments that provide leveraged exposure in the industry to which ZIM is assigned). As of the date of this prospectus, ZIM is assigned to the industrials sector and the marine shipping industry. The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of ZIM. At the close of the markets each trading day, the Adviser rebalances the Fund’s portfolio so that its exposure to ZIM is consistent with the Fund’s investment objective. The impact of ZIM’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of ZIM 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 ZIM has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover. On a day-to-day basis, the Fund is expected to hold money market funds, deposit accounts with institutions with high quality (investment grade) credit ratings, and/or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality (investment grade) credit profiles, including U.S. government securities and repurchase agreements. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund’s underlying security moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund’s investors would lose all of their money. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day. The Fund is “non-diversified,” under the Investment Company Act of 1940, as amended. Additionally, the Fund’s investment objective is not a fundamental policy and may be changed by the Fund’s Board of Trustees without shareholder approval. ZIM Integrated Shipping Services Ltd., together with its subsidiaries, provides container shipping and related services in Israel and internationally. ZIM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by ZIM Integrated Shipping Services Ltd. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-39937 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding ZIM Integrated Shipping Services Ltd. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. The Fund has derived all disclosures contained in this document regarding ZIM Integrated Shipping Services Ltd. from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding ZIM Integrated Shipping Services Ltd. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ZIM have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning ZIM Integrated Shipping Services Ltd. could affect the value of the Fund’s investments with respect to ZIM and therefore the value of the Fund. Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the underlying security over the same period. The Fund will lose money if the underlying security performance is flat over time, and as a result of daily rebalancing, the underlying security’s volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the underlying security’s performance increases over a period longer than a single day. The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund’s NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of ZIM on a daily basis. The Fund may not achieve its leveraged investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsofCompoundingandMarketVolatilityRiskMember_zlEWpuBuSd5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of ZIM’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily and becomes more pronounced as volatility and holding periods increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of ZIM during the shareholder’s holding period of an investment in the Fund. The chart below provides examples of how ZIM 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) ZIM volatility; b) ZIM 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 ZIM. The chart below illustrates the impact of two principal factors – volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of ZIM volatility and ZIM performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to ZIM; (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 ZIM. During periods of higher ZIM volatility, the volatility of ZIM may affect the Fund’s return as much as, or more than, the return of ZIM. 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 ZIM during a shareholder’s holding period of an investment in the Fund. As shown in the chart below, the Fund would be expected to lose 6.1% if ZIM provided no return over a one-year period during which ZIM 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 ZIM’s return is flat. For instance, if ZIM’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of ZIM 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 ZIM. The table below is not a representation of the Fund’s actual returns, which may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Correlation Risk” below. <table cellpadding="0" cellspacing="0" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; background-color: white; margin-left: 0.15in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">One Year</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt">200% One Year</td> <td colspan="5" style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Volatility Rate</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E5E5E5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">Return</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">25%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-84.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-87.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-94.1%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-85.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-90.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-64.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-66.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-79.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-86.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-51.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-54.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-61.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-72.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-82.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-39.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-50.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.5%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-76.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-23.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-36.9%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-53.8%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-70.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-1.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-6.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-22.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-43.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-63.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">10%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">19.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">13.7%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-31.1%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-55.5%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">20%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">42.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">35.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">12.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-18.0%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-47.0%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">30%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">67.3%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">58.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">31.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-3.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-37.8%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">40%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">80%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">94.0%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">84.1%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">52.6%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">11.7%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-27.9%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">50%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">100%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">122.8%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">111.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">75.2%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">28.2%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-17.2%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">60%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #E5E5E5; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">120%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">153.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #88FF3A; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">140.5%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">99.4%</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">45.9%</td> <td style="border-bottom: black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: #DB2957; padding-top: 1.15pt; padding-bottom: 1.15pt; text-align: center">-5.8%</td></tr> </table> ZIM’s annualized historical daily volatility rate for the five-year period ended December 31, 2025 was 70.40%. ZIM’s annualized daily volatility rates were as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">2022</td><td style="text-align: justify">66.88%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2023</td><td style="text-align: justify">65.52%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2024</td><td style="text-align: justify">79.87%</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">2025</td><td style="text-align: justify">62.45%</td> </tr></table> ZIM’s annualized performance for the five-year period ended December 31, 2025 was 7.30%. Historical volatility and performance are not indications of what ZIM volatility and performance will be in the future. The trading price of ZIM’s common stock is likely to be volatile compared to the market. The trading prices of technology company securities historically have been highly volatile. The trading price of ZIM’s common stock has been and is likely to continue to be subject to wide fluctuations. By way of example, currently ZIM’s 52-week high stock price was $22.80 on February 26, 2025, and its 52-week low stock price was $11.04 on April 9, 2025. ZIM’s 52-week high and low stock price may change significantly over a short period of time. For information regarding the effects of volatility and performance on the long-term performance of the Fund, see “Additional Information About Investment Techniques and Policies.” Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of ZIM 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 ZIM, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event of a security decline of more than 50%. This would result in a total loss of a shareholder’s investment in one day even if ZIM 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 ZIM does not lose all of its value. Leverage will also have the effect of magnifying any differences in the Fund’s correlation with ZIM and may increase the volatility of the Fund. To the extent that the instruments utilized by the Fund are thinly traded or have a limited market, the Fund may be unable to meet its investment objective due to a lack of available investments or counterparties. During such periods, the Fund’s ability to issue additional Creation Units may be adversely affected. As a result, the Fund’s shares could trade at a premium or discount to their net asset value and/or the bid-ask spread of the Fund’s shares could widen. Under such circumstances, the Fund may increase its transaction fee, change its investment objective by, for example, seeking to track an alternative security, reduce its leverage or close. In such circumstances, the Fund’s investment adviser will consult with counsel to the Trust and its Board of Trustees, and if determined to be necessary, the Fund will amend and/or supplement the prospectus as promptly as feasible under the circumstances to include appropriate disclosures. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective. The Fund expects to use swap agreements to achieve its investment objective. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty, liquidity, valuation, and legal restrictions. The performance of a derivative may not track the performance of its reference asset, including due to fees and other costs associated with it. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of the amount initially invested. As a result, the value of an investment in the Fund may change quickly and without warning. Additionally, any financing, borrowing or other costs associated with using derivatives may also have the effect of lowering the Fund’s return. Such costs may increase as interest rates rise. Swap Agreements. Swap agreements are entered into with financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a reference asset. Swap agreements are generally traded over-the-counter, and therefore, may not receive as much regulatory protection as exchange-traded instruments, which may expose investors to significant losses. The Fund will be subject to regulatory constraints relating to the level of value at risk that the Fund may incur through its derivatives portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy and the Fund may not achieve its investment objective. To the extent that the Fund exceeds the level of value at risk for an extended period, the Fund may amend and/or supplement its prospectus as promptly as feasible under the particular circumstances to include appropriate adjustments to its investment strategy and if necessary, the Fund’s name. Call Options. The use of call options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, is actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which is affected by fiscal and monetary policies and by national and international politics, changes in the actual or implied volatility or the reference asset, and the time remaining until the expiration of the option contract and economic events. The values of the options contracts in which the Fund invests are substantially influenced by the value of the underlying instrument. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to expiry, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the reference asset, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. As the options contracts are exercised or expire the Fund may enter into new options contracts, a practice referred to as rolling. FLEX Options. The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. The value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the reference asset. Factors that may influence the value of the FLEX Options, other than gains or losses in the reference asset, may include interest rate changes, changing supply and demand, decreased liquidity of the FLEX Options, and changing volatility levels of the reference asset. FLEX Options are listed on an exchange; however, it is not guaranteed that a liquid secondary trading market will exist. In the event that trading in the FLEX Options is limited or absent, the value of the FLEX Options may decrease. Counterparty Risk. A counterparty may be unwilling or unable to make timely payments to meet its contractual obligations or may fail to return holdings that are subject to the agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults on its payment obligations to the Fund, the value of an investment held by the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its leveraged investment objective. In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective. The risk of a limited number of counterparties may be, and historically has been, particularly accentuated during times of significant market volatility. During times of significant market volatility, the costs to enter into the swaps that the Fund utilizes may increase significantly, which may negatively impact the Fund’s returns. While the objective of the Fund is to seek daily investment results, before fees and expenses, of 200% of the daily performance of ZIM, it is important for investors to understand that significant increases in the costs of entering into the swaps may negatively impact investment results after fees and expenses. Rebalancing Risk. If for any reason the Fund is unable to rebalance all or a part of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with its investment objective. In these instances, the Fund may have investment exposure to ZIM that is significantly greater or significantly less than its stated multiple. The Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective, leading to significantly greater losses or reduced gains. Intra-Day Investment Risk. The Fund seeks leveraged investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of ZIM at the market close on the first trading day and the value of ZIM at the time of purchase. If ZIM gains value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if ZIM declines, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated multiple of ZIM. If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective, may not be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads. Additionally, the Fund may close to purchases and sales of shares (“Shares”) prior to the close of trading on the Exchange and incur significant losses. Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to ZIM and therefore achieve its daily leveraged investment objective. The Fund’s exposure to ZIM is impacted by ZIM’s movement. Because of this, it is unlikely that the Fund will be perfectly exposed to ZIM at the end of each day. The possibility of the Fund being materially over- or under-exposed to ZIM increases on days when ZIM is volatile near the close of the trading day. Market disruptions, regulatory restrictions and high volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. The Fund may have difficulty achieving its daily leveraged investment objective for many reasons, including fees, expenses, transaction costs, financing costs related to the use of derivatives, accounting standards and their application to income items, disruptions, illiquid or high volatility in the markets for the securities or financial instruments in which the Fund invests, early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions, regulatory and tax considerations, which may cause the Fund to hold (or not to hold) ZIM. 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 ZIM. 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 ZIM. 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 ZIM. Any of these factors could decrease the correlation between the performance of the Fund and ZIM and may hinder the Fund’s ability to meet its daily leveraged investment objective on or around that day. Market Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, general market liquidity, exchange trading suspensions and closures, and public health risks. The Fund is subject to the risk that geopolitical events will disrupt markets and adversely affect global economies, markets, and exchanges. Local, regional, or global events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, conflicts and social unrest or other events could have a significant impact on the Fund, its investments, and the Fund’s ability to achieve its investment objective. Indirect Investment Risk. ZIM Integrated Shipping Services Ltd. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of ZIM Integrated Shipping Services Ltd. and make no representation as to the performance of ZIM. Investing in the Fund is not equivalent to investing in ZIM. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to ZIM. Underlying Security Investing Risk. Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. ZIM Investing Risk. . Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. In addition to the risks associated generally with operating companies, ZIM faces risks unique to its operations including, among others, volatility in global freight rates; imbalances in container supply and demand; dependence on chartered vessels and long-term charter agreements, which may expose the company to fixed costs during periods of declining shipping rates; and fuel price volatility, including costs associated with compliance with environmental fuel regulations. The trading price of ZIM common stock historically has been and is likely to continue to be volatile. Additionally, a large proportion of ZIM’s common stock has been historically and may in the future be traded by short sellers which may put pressure on the supply and demand for its common stock, further influencing volatility in its market price. ZIM is a highly dynamic company, and its operations, including its products and services, may change. Industrials Sector Risk. The Fund’s assets will be concentrated in the industrials sector, which means the Fund will be more affected by the performance of the industrials sector than a fund that is more diversified. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs. Industry Concentration Risk. The Fund will be concentrated in the industry to which ZIM Integrated Shipping Services Ltd. is assigned (i.e., hold more than 25% of its total assets in investments that provide exposure to the industry to which ZIM Integrated Shipping Services Ltd. is assigned). A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries. As of the date of this prospectus, ZIM is assigned to the marine shipping industry. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarineShippingIndustryRiskMember_zvIs6PbHoHfj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Marine Shipping Industry Risk. Marine shipping companies can be significantly affected by fluctuations in global trade volumes, fuel prices, freight rates, geopolitical developments, and environmental regulations. The market for services provided by marine shipping companies is characterized by cyclical demand driven by international commerce, overcapacity in certain vessel classes, volatile charter rates, and exposure to global economic and political conditions. The success of marine shipping companies depends in substantial part on their ability to manage operating costs, maintain efficient fleet utilization, comply with international maritime and environmental standards, and secure long-term shipping contracts. An unexpected decline in global trade, rise in fuel or maintenance costs, port congestion, or geopolitical conflict disrupting trade routes could have a material adverse effect on a participant’s operating results. Many marine shipping companies rely on leverage to finance fleet expansion and are sensitive to interest rate changes and credit market conditions. There can be no assurance that favorable financing and charter opportunities will continue or that competitors will not increase capacity or offer services that are substantially equivalent or superior.</td></tr></table> Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money. Mid-Capitalization Company Risk. Mid-capitalization companies may have limited financial resources, narrower product lines, and less diversified markets than larger, more established companies. While mid-cap companies often have greater growth potential than large-cap firms, they may also be more sensitive to changing market conditions, competitive pressures, and economic downturns. Their securities may experience greater price volatility and may be less liquid than those of large-cap companies, which could affect their market value and investment returns. Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to buy or sell an illiquid security or derivative instrument at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains, or achieving a high correlation with ZIM. 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 ZIM value increases or decreases significantly, the Fund may be one of many market participants that are attempting to transact in the ZIM. Under such circumstances, the market for ZIM 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 ZIM and may impact the ability of the Fund to achieve its investment objective. In certain cases, the market for ZIM and/or Fund may lack sufficient liquidity for all market participant’’ 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 ZIM and correlated derivative instruments. Early Close/Trading Halt Risk. Although an underlying security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times. An exchange or market may close or issue trading halts on specific securities or financial instruments, including the shares of the Fund. Under such circumstances, the ability to buy or sell certain portfolio securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell investments for its portfolio, may disrupt the Fund’s creation/redemption process, and may temporarily prevent investors from buying and selling shares of the Fund. In addition, the Fund may be unable to accurately price its investments, may fail to achieve performance that is correlated with ZIM and may incur substantial losses. If there is a significant intra-day market event and/or ZIM experiences a significant price increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses. Equity Securities Risk. Publicly issued equity securities, including common stocks, are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests, and/or has exposure to, will cause the net asset value of the Fund to fluctuate. The Fund’s direct investments in common stock of ZIM does not provide leveraged exposure to ZIM and, as a result, if the Fund invests directly in common stock of ZIM to a greater extent, the Fund may not achieve its 200% daily investment objective. Cash Transaction Risk. The Fund intends to effect creations and redemptions for cash rather than for in-kind securities. As a result, the Fund may not be tax efficient and may incur brokerage costs related to buying and selling securities to achieve its investment objective thus incurring additional expenses than if it had effected creations and redemptions in kind. To the extent that such costs are not offset by transaction fees paid by an authorized participant, the Fund may bear such costs, which will decrease the Fund’s net asset value. Tax Risk. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, the Fund must derive at least 90% of its gross income for each taxable year from “qualifying income,” meet certain asset diversification tests at the end of each taxable quarter, and meet annual distribution requirements. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. If, in any year, the Fund were to fail to qualify for the special tax treatment accorded a RIC and its shareholders, and were ineligible to or were not to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see the section entitled “Taxes” in the Statement of Additional Information for more information. Non-Diversification Risk. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended. This means it has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty and make the Fund more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund. ETF Risks. The Fund is an exchange-traded fund, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersLimitationRiskMember_zucp45EmeWAh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. </td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zT6szfSMb3Bh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash Redemption Risk. The Fund intends to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zNaVHb4kqVUk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_znJW8ju6n5bl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV. </td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zWZ4dxDbB1Tf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Fund Shares.</td></tr></table> New Fund Risk. As of the date of this prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. This impact may be positive or negative, depending on the direction of market movement during the period affected. Performance History The Fund has not yet commenced operations and does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund, including its current net asset value per share, is available by calling toll-free at (833) 759-6110. The Fund has not yet commenced operations and does not have a full calendar year of performance history. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing the Fund’s average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. (833) 759-6110 Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026. Under the Investment Advisory Agreement, Tuttle Capital Management LLC (the “Adviser”), at its own expense and without reimbursement from the Fund, pays all of the expenses of the Fund, excluding the advisory fees, interest expenses, taxes, acquired fund fees and expenses, brokerage commissions and any other portfolio transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, credit facility fees and expenses, including interest expenses, and litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business. Other Expenses are estimated for the Fund’s initial fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.189% for the fiscal period ending December 31, 2026.